Gas Prices to Increase, Says Marketers.
Gas consumers should prepare for tougher times ahead, as gas prices are expected to rise next week, according to Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers. The increase in international prices, coupled with high tax rates, vessel costs, forex scarcity, and naira devaluation, are cited as reasons for this impending price adjustment.
Oladapo lamented the unfortunate situation, stating that consumers are facing challenges due to reduced purchasing power. This has led some to revert to using firewood, charcoal, and sawdust for cooking. He called on the government to provide relief through palliatives, reduced taxes, and levies.
The planned price adjustment is scheduled to commence next week due to the rise in global prices. Increased vessel costs and high taxes contribute to this decision, compounded by stagnant consumer earnings. Additionally, factors such as the devaluation of the local currency have also played a role in prompting the price review.