The price of Liquefied Petroleum Gas (LPG), commonly used as cooking gas in Nigeria, has surged dramatically from N700/kg in June 2023 to N1,500/kg in October 2024, marking an increase of about 114% over 16 months.
This rise in price correlates with the depreciation of the naira, which has fallen from less than N700 to about N1,700 against the dollar since the Tinubu administration floated the currency.
Kumar urged the Federal Government to incentivize Chevron and other companies to convert more of their propane output into butane, which is more suitable for domestic consumption.
Given the volatile exchange rate and Nigeria’s heavy reliance on imports, concerns persist that cooking gas prices may continue to escalate.
CREDIT: Allneeds, PUNCH
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