The cost of liquefied petroleum gas (LPG), commonly known as cooking gas, has climbed to N1,650 per kilogramme in parts of Lagos and Ogun states, while consumers in Abuja are paying as much as N1,800 per kg.
Checks at retail outlets on Thursday showed that cooking gas prices had increased across several locations, adding to the financial burden on households and businesses that depend on the product.
At Techno Oil outlets in Festac, Lagos, the price rose from N1,450 to N1,650 per kg.
Similarly, NipCo retail stations at First Gate and the Trade Fair Complex adjusted their prices from N1,280 to N1,480 per kg.
In Ogun State, Ecogas LPG refilling plant in Sagamu increased its price from N1,500 to N1,600 per kg, while Oyejo Gas Station in Shiwun raised its rate from N1,450 to N1,650 per kg.
The situation was also recorded in Abuja, where cooking gas prices increased from N1,700 to N1,800 per kg. However, NipCo retail outlets in the Federal Capital Territory sold the product at N1,650 per kg.
The latest increase followed a significant rise in depot prices, which climbed by 31.8 per cent from N1,100 to N1,450 per kg within one month.
Speaking on the development, gas expert Lawal Taofeek linked the rising prices to seasonal demand in the international market, particularly the increased consumption of gas during Europe’s cold season.
According to him, the demand for gas typically rises during the peak heating period as European countries require more supplies to keep homes and businesses warm.
READ ALSO:
- Cooking Gas Price Rises To N1,800 Per Kg In Abuja, N1,650 In Lagos
- Sanwo-Olu, Obasa, Four Others To Receive Awards At Maiden Convocation
- NDC, APC Trade Blames Over Attack On Supporters At Lagos Town Hall Meeting
- Thugs Attack NDC Town Hall Meeting In Lagos
- Bidemi Kosoko Fires Back At Critics, Displays Birth Certificate Over Age Controversy
“This is the peak heating season in Europe, when demand for gas rises significantly as countries increase consumption for heating,” he said.
“This seasonal surge in demand puts upward pressure on global gas prices, which in turn affects LPG prices. The trend is expected to continue until late December or early January, as it is a seasonal period of rising gas prices.”
Taofeek, however, expressed optimism that cooking gas prices would begin to fall once the seasonal demand subsides.