NLCGA Reports 40% Drop in Nigeria's Cooking Gas Prices

Cooking gas prices in Nigeria have fallen by approximately 40% from their peak in June, attributed to improved supply and collaboration among industry stakeholders. Lanre Baiyewu, Executive Secretary and Chief Executive Officer of the Liquefied and Compressed Gases Association (NLCGA), announced this reduction at an industry event in Lagos.

The national average price rose above N2,000 per kilogram in June, reaching N2,300 in some areas, significantly impacting small businesses reliant on liquefied petroleum gas (LPG). Baiyewu noted that the earlier price surge was due to supply shortages, increased transportation costs, and fluctuations in the foreign exchange market.

Consumers have welcomed the recent price decline but are advocating for further reductions. Baiyewu called for the full implementation of the Petroleum Industry Act (PIA) to prevent future supply disruptions.

The NLCGA aims for domestic LPG consumption of five million metric tonnes annually by 2030, requiring sustained investment and cooperation among all market players.