The cost of a 12.5kg Liquefied Natural Gas (LNG) cylinder, commonly used for cooking, has surged to N12,500 in conjunction with Nigeria’s 63rd Independence celebration. A market survey conducted by our correspondent unveiled that gas retailers have raised the price of this 12.5kg cylinder from the previously reported N10,000 towards the end of the preceding month, now standing at approximately N12,500 in Lagos.

Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, cautioned that if the Federal Government doesn’t intervene to regulate the actions of terminal owners, the price of a 12.5kg cooking gas cylinder could skyrocket to as high as N18,000 by December.

However, despite this warning, Olatunbosun remarked that the government has yet to address this crisis, stating, “Yes, the price is now N1,000 per kilogram, but the government has not taken action, despite our meeting with the NMDPRA.”

He explained that gas retailers are still acquiring 20 metric tons of gas for N14 million at the depot.

Furthermore, due to the increased cost of diesel, it now costs N1.7 million to transport gas from Lagos to the North.

Consequently, with the current N1,000 per 1kg selling price, it is easy to imagine the higher costs in the Middle East and North regions.

Olatunbosun expressed the hope that prices would decrease, making gas more accessible and affordable for the ordinary citizens, in line with the Federal Government’s decade-long gas policy.

Back in September, there were reports of terminal owners raising the price of cooking gas from the previous range of N9 million to N10 million per 20 metric tons to a staggering N14 million.

Olatunbosun warned that if the Federal Government doesn’t intervene, this could escalate to N18 million for a 20 metric tons truck by December, resulting in a potential price surge to N18,000 for a 12.5kg cylinder.

He accused terminal owners of using the excuse of high foreign exchange rates to exploit and exacerbate the suffering of the masses.

Despite the absence of a visible association for gas terminal owners, spokespersons for NavGas and Nipco Plc, namely Friday Agwu and Askay by Kumar, respectively, were mentioned.