Cooking Gas Prices Soar to N1,500/kg Amid Nigeria’s Economic Woes

Nigerians are grappling with the escalating cost of living, and the rising price of cooking gas has added to their woes. The cost of Liquefied Petroleum Gas (LPG) has surged to N1,500/kg, further straining household budgets.

In Ogun and Lagos States, prices have peaked at N1,500/kg, while in Abuja, refilling a 12.5kg cylinder now costs N17,000, representing a 41.6% increase from N12,000 in July and N11,735 in January 2024.

However, Suresh Kumar, Managing Director/CEO of NIPCO Plc, offers a glimmer of hope. He believes the Dangote refinery and other domestic refineries will help reduce cooking gas prices. Kumar expressed concerns over Nigeria’s reliance on imported cooking gas, citing that over 60% of consumption is sourced from abroad.

To address this, Kumar advocates for:

1. Boosting local production to reduce import dependence
2. Encouraging investments in gas processing and infrastructure
3. Government support for local refineries to increase LPG output

With more players entering the gas processing sector, Kumar predicts market stabilization and decreased prices. The Federal Government’s support for local refineries, including Dangote Refinery, is crucial in increasing domestic gas production and making cooking gas more affordable for Nigerians.

As the Nigerian government works to address the country’s economic challenges, the cooking gas price hike remains a pressing concern for households and businesses alike.