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Demand for cooking gas drops over price hike



Cooking gas cylinders

Despite the interventions aimed at stabilizing prices, the demand for cooking gas continues to fall due to the financial constraints faced by the population. Olatunbosun previously warned that the price could reach N18,000 by December if continuous price hikes were not addressed by the government. He mentioned that the supply is expected to remain stable, possibly resulting in a slight price reduction in December.

However, the situation may not significantly improve, and the affordability of cooking gas remains a concern. Furthermore, a report stated that NLNG plans to shut down its plant for maintenance in early 2024, potentially impacting the supply of cooking gas.

In October, there was a 66% price increase within a month due to various factors such as depreciation in foreign exchange and international market prices. This drastic increase led to an emergency meeting summoned by the Federal Government with the Nigerian Midstream and Downstream Petroleum Regulatory Authority. It was agreed that measures should be taken to ensure stability in the market and the reduction of gas prices in the coming weeks.

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