NLNG Uncovers Why Price Hike of Cooking Gas…details

Nigeria Liquefied Natural Gas (NLNG) Limited has blamed vessel scarcity, foreign exchange and oil prices for the rising cost of LPG, otherwise known as cooking gas, nationwide.

According to reports, the price for 12.5kg of LPG increased to N15,000 from N12,000 when it was sold in October.

Reacting to the development in a statement on Wednesday, NLNG stressed that the domestic market and external forces are impeding the price of LPG in Nigeria.

“The domestic LPG market, like any other, is subject to dynamic market forces and various external factors. Such factors as changes in exchange rates, escalating price benchmarks mirroring crude oil prices, and the Panama Canal drought-induced vessel scarcity impacting transport costs, especially for imported LPG, have had significant effects on energy prices in recent times and could undoubtedly be some of the reasons for recent price hikes witnessed in the domestic market.”

However, the company vowed to increase domestic supply of LPG in collaboration with major stakeholders.

(Daily Post)