HomeBusiness & EconomyGas Price Set To Surge Next Week- Marketers

Gas Price Set To Surge Next Week- Marketers

The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said there will be an increase in the price of gas starting next week.

According to him, some of the reasons for the intended price review are: rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation.

Olatunbosun who described the imminent price increment as unfortunate said:

“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more.

“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side.”

“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas,” he added.

According to him, consumers are now returning to firewood, charcoal, and sawdust for cooking.

“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.

“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?” he continued.

He urged the government to tax profit and not products because consumers were not buying gas anymore.

“Local taxes are worsening the problem,” he said, calling on marketers who had the opportunity to buy products locally to fix prices with “consumers’ sympathy” in mind.


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