The price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas has increased by 34.6 percent on a Week-on-Week, WoW basis, to N17,500 this week, from N12,750 the previous week.
Meanwhile, checks by Vanguard confirmed that the price of 1kg currently retails at N1,350, N1,400 and N1,500 depending on the location.
In a phone interview with the National President of the Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGAM, Mr. Olatunbosun Oladapo said the recent increase was a as a result of the industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, adding that it affected the supply value chain majorly in the South-West.
He noted that gas is majorly a business of demand and supply, when there is limited supply of the product, the demand would be high, thereby result to hike in price.
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"As at the time PENGASSAN embarked on the strike, all gas plants were shutdown, most gas plants have limited supply. Dangote, our major supplier in terms of availability and affordability of the product, is yet to release loading invoice to our members who have pending products with the company for more than three weeks forcing marketers to buy from other competitors at a high rate.
"Other competitors, took advantage of the challenges most of our marketers are facing with Dangote and also the industrial action to increase their price.
"No marketer will want want to leave his plant empty, therefore, they buy from these competitors.
"We appeal to Dangote to truck out product to more marketers as this will enhance the supply. We are hopeful the price will drop in the coming weeks," he added.
