Niger Ban, Rising Crude Price Raise Cost Of Cooking Gas

The recent announcement banning importation  into Nigeria from  Niger Republic is fingered as responsible for the current hike in the price of cooking gas,

The recent announcement banning importation into Nigeria from Niger Republic is fingered as responsible for the current hike in the price of cooking gas, known as Liquefied Petroleum Gas , LEADERSHIP has learnt.

The Niger Republic ban, which came into force on October 1, 2023, is seen as critical to the country’s cooking gas pricing as Niger normally exports its surplus petroleum gas to neighbouring Nigeria, a major buyer of its LPG. From marketers point of view, LPG depot prices are benchmarked against imported LPG because there is still a significant supply gap in the market which the more expensive import is filling.

He explained that propane is a three-carbon chain product and Butane is a four-carbon chain product and sixty per cent of it is imported, all coming from oil. “There’s nothing sinister going on. There’s nobody planning it. And they will go up and they will go down. That’s the beautiful thing about global market prices. They don’t just go up. When there are efficiencies, high prices will create additional supply, which will then reduce prices. It’s a self-balancing system,” he said.

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