The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), says the price of 12.5kg cooking gas may hit N18,000 by December if the federal government does not checkmate the activities of the terminal owners.
It added that the price of cooking gas has gone astronomically high at terminals as a result of a sudden increment from between N9 million to N10 million per 20 metric tons to N14 million per 20 metric tons.
Its President, Olatunbosun Oladapo, warned that the price could reach as high as N18 million per metric tons by December if the federal government does not intervene.
He said there was no justification for the increment, as the Nigerian Liquefied Natural Gas Limited still supplied the market.
Olatunbosun noted that the increase in price that would take effect is not the fault of retailers, but the fault of NLNG and terminal owners.
He lamented that the Nigerian National Petroleum Corporation Limited (NNPCL) is hiding under the guise that they are now privatised to increase prices.
The president revealed that as of last week, 1kg was N800 at the terminal, but it now sells for N1,200, and could reach N1,500 by December if care is not taken.
His words: “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the federal government does not step in to checkmate the activities of these terminal owners, price could reach as high as N18 million per metric tons by December. This means that a 12.5kg could go as high as N18,000.”
“Terminal owners are hiding under the guise of high foreign exchange to further increase the suffering of the masses.
“NNPCL currently takes 59 per cent of the gas produced by NLNG, although NLNG has also increased its price from N6 million to N8 million. Now, because NLNG has increased price, NNPCL and terminal owners have increased price to N14 million.”