Market Survey Reveals Drastic Drop In Cooking Gas Prices

• Gas prices have dropped significantly. 

• Improved supplies and forex availability attributed to the price reduction.

• Nigerian government’s removal of VAT on LPG also contributed to the decrease.

EKO HOT BLOG reports that a recent report highlights a significant drop in the price of liquefied petroleum gas (LPG), commonly known as cooking gas.

According to a market survey conducted by reporters, dealers have slashed the product’s price to ₦900 per kilogramme from the ₦1,300 it was selling for weeks earlier.

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This decrease is attributed to improved supplies from various depots, as well as the relative availability of foreign exchange for import.

Additionally, a manager at Gasland depot in the Iju-Ishaga area of Lagos, who preferred to remain anonymous, mentioned that the price reduction was also influenced by the Nigerian government’s decision to remove value-added tax (VAT) from the product.

Gas prices

The manager said, “We are witnessing supply improvements, and more marketers can access the products. Also, we have noticed an improvement in forex availability for importers to bring in the product.”

He stated that the deport sold the product at ₦1,300 per kilogramme two weeks ago but crashed the price to ₦900.

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He revealed that 12.5kg sells for about ₦10,000 from the ₦14,300 it sold two weeks prior.

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