ADVERTISEMENT
  • Privacy Policy
  • Terms
  • About us
  • Contact Us
Sunday, October 1, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Why price of cooking gas may surge- NALPGAM

Gas

The Matters Press by The Matters Press
August 11, 2023
Reading Time: 2 mins read
0
SON alerts on second hand gas cylinders

Gas cylinder

Lagos, Aug. 10, 2023: The hike in the foreign exchange rate and activities in the international market may result to increase in the price of cooking gas, says the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM).

RELATED POSTS

Nigeria, ALAT move to provide 3m digital jobs, spur economy

UNGA mull idea to spur Africa as business frontier

FirstBank, Lafarge meet with cement distributors on financial services

Mr Olatunbosun Oladapo, the President of the association, issued the warning on Thursday in Lagos.

Oladapo noted that a gas terminal operator sent out an official notification of the changes in price, attributing the increase to a significant hike in forex rate and scarcity of same.

He cited rising international prices, high tax rates, prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the price review.

“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high.

“Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.

Olatunbosun, who described the imminent price increment as unfortunate, said: “The situation is very unfortunate because prices are going higher.

“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.

“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?”

Olatunbosun urged the government to tax profit and not products because consumers were not buying gas anymore.

He also argued that local taxes are worsening the situation, adding that marketers, who had the opportunity to buy products locally, to fix prices with “consumers’ sympathy” in mind.

The National Bureau of Statistics on retail gas prices said the average retail price for refilling a 5kg cylinder of cooking gas decreased by 6.71 per cent month-on-month from N4,360.69 recorded in May to N4,068.26 in June.

On a year-on-year basis, it decreased by 3.56 per cent from N4,218.38 in June 2022.

On state profile analysis, Kwara recorded the highest average price for refilling a 5kg cylinder with N4,750.00, followed by Niger with N4,691.16, and Zamfara with N4,683.33.

On the other hand, Ondo recorded the lowest price with N3,287.86, followed by Ekiti and Nasarawa with N3,288.46 and N3,364.62, respectively.

Tags: Gas
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Embrace entrepreneurship in place of white-collar jobs- Minister
Economy/Technology

Nigeria, ALAT move to provide 3m digital jobs, spur economy

September 29, 2023
Economy/Technology

UNGA mull idea to spur Africa as business frontier

September 29, 2023
Mangal, Sinoma in deal for $600m cement factory
Economy/Technology

FirstBank, Lafarge meet with cement distributors on financial services

September 29, 2023
Jaiz Bank expands with new branches
Economy/Technology

Federal, states, Councils in bumper share, split N1.1trn for August

September 29, 2023
Veritas Kapital’s total assets hit N21.4bn
Economy/Technology

AIICO introduces Flexure to distribute insurance products

September 29, 2023
NSIA, Agency in deal on solar power
Economy/Technology

Companies inaugurate 100MW solar panel assembly factory in Lagos

September 29, 2023
Next Post
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank extends $2.5m to boost SMEs in Kenya

Swiss Bank expects profit of $50bn

OPEC reports decrease in Dollar index by 1.6%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Free Trade Zones: Nigeria increases licence validity period

Free Trade Zones: Nigeria increases licence validity period

March 10, 2022
Photo speaks: Buhari, OBJ, Saraki meet

Africa will not miss Nigeria on free trade – Obasanjo

May 28, 2019
IMF’s reasons for Nigeria’s economic recovery

IMF urges policymakers to `act now’ to address global crisis

October 14, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • The Penis, its global culture

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria, ALAT move to provide 3m digital jobs, spur economy
  • UNGA mull idea to spur Africa as business frontier
  • FirstBank, Lafarge meet with cement distributors on financial services

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us