Proponents of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, have issued a notice to the Nigerian populace, urging them to brace themselves for a more demanding phase, given the forthcoming increase in prices set for the following week.
Reports from ONIFTV indicate that the President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Olatunbosun Oladapo, has conveyed that consumers of gas should be prepared to allocate more funds for the product beginning in the upcoming week.
This development arrives on the heels of an extended period during which local consumers of cooking gas enjoyed reduced costs, attributable to a decrease in global prices.
In a conversation with our correspondent, Oladapo outlined that the elevation in cooking gas prices is primarily attributed to the surge in international prices, elevated tax rates, augmented vessel costs, foreign exchange scarcity, and the depreciation of the national currency.
The head of NALPGAM, while deeming the imminent price upswing regrettable, expressed, “The alteration in prices will commence next week due to the surge in international pricing. Vessel costs have escalated, and the taxation burden is substantial, all while the consumers’ earning power remains stagnant. This predicament is felt across the spectrum – from consumers to intermediaries and retailers – as business activities dwindle.”
He lamented the situation as regrettable, noting the escalating prices which are placing significant strain on Nigerian consumers, rendering gas unaffordable for many. “The government must step in to alleviate the hardship faced by the masses. This can be achieved by offering relief measures, trimming levies and taxes. It’s noteworthy that, for every 1kg of gas priced at N700, a substantial portion is consumed by taxes, leaving a mere pittance for business sustainability.”
Appealing to the government, he suggested that the focus should be on taxing profits rather than products, given that consumers are increasingly reverting to traditional alternatives such as firewood, charcoal, and sawdust for their cooking needs.