The price per kilogram of Liquified Petroleum Gas (LPG), popularly known as cooking gas in Nigeria, has increased based on latest feedback from the market.
In June, market surveys revealed that the price of the commodity crashed to its lowest point in the last four months. Market checks indicated that the price of cooking gas crashed below ₦900 per kilogramme for the first time in four months.
According to dealers in the market, the reduction in price was due to a combination of government actions, including the removal of Value Added Tax (VAT) and import duty on cooking gas to boost local supplies as well as the relative stability of the naira to the dollar in the foreign exchange market.
However, marketers and findings reveal that the current price per kilogram in the month of July, has gone up to about ₦1,200 depending on location and seller.
With the increase, dealers now sell 6kg for ₦7,200, and 12.5kg of cooking gas now sells for ₦15,000.
Marketers who confirmed the price hike in a chat with our correspondent blamed the fresh increase on the high FX rate and volatility.
Meanwhile, the latest data from the National Bureau of State Statistics (NBS) has revealed that Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024.
Naturenex reports that the development comes amid the rising cost of food items across the country, pushing essential commodities beyond the reach of millions.
