Liquefied Petroleum Gas (LPG) marketers have said cooking gas prices are beginning to decline across several parts of Nigeria following improved product supply and lower depot prices.
According to industry operators, the reduction is not yet uniform nationwide because transportation costs, distance from depots and retailer margins continue to influence prices in different locations.
Market checks showed that retail cooking gas prices have dropped in some major cities compared with the sharp increases recorded in previous weeks.
In Lagos, Ibadan and Abeokuta, prices were said to be ranging between N1,100 and N1,350 per kilogram, while consumers in Benin City, Port Harcourt and Warri were paying between N1,150 and N1,400 per kilogram.
Abuja residents were reported to be buying cooking gas within the range of N1,250 to N1,500 per kilogram, while prices in Onitsha and Enugu were slightly higher.
The marketers attributed the decline to improved availability of LPG at coastal depots and increased competition among suppliers, which has pushed depot prices lower.
Industry players noted that some depot operators have reduced prices to below N1,000 per kilogram, a development expected to trigger further reductions in retail prices if the trend continues.
The recent easing follows months of steep increases in cooking gas prices, driven by foreign exchange volatility, logistics costs, infrastructure constraints and fluctuations in international LPG prices.
Marketers expressed optimism that continued improvement in supply and sustained competition in the market could lead to additional price reductions in the coming months.
