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Price of cooking gas to crash this week as NLNG flood market with product

Indications have emerged that the end is near for the rooftop price of cooking gas in the last couple of months as the Nigeria Liquefied Natural Gas Limited (NLNG) has assured the public that it will make available 13,000 metric tonnes of cooking gas.

The Manager, External Relations of NLNG, Tony Okenedo, explained weekend that apart from this, additional 13,000 metric tonnes of the product would be released to the market immediately.

He added that “NLNG’s LPG vessel successfully discharged 13,000 metric tonnes of gas to Lagos jetty on January 15.

“Another 13,000 metric tonnes is expected to be discharged any moment from now.

“The vessel has gone to load gas at NLNG’s facility in Bonny and it had returned to Lagos to discharge.

“It is awaiting other vessels that are discharging petroleum products to finish before it can discharge its cargo.”

 “We are also engaged with other public and private stakeholders along the domestic market value chain to stimulate price stability and growth.

“NLNG remains fully committed to the goals of ensuring gas supply.”

It would be recalled that the Executive Secretary, Nigerian Association of LPG Marketers, Bassey Essien had revealed that the price of cooking gas was still on the high side and traced it to the price of NAV Gas Company which was selling 20 metric tonnes of gas for about N5.5 million as against N3.5 million in November 2016.

He noted further that “The practice of pricing LPG according to international price index remains a setback for the sector and if not addressed, it will erode the gains already recorded in deepening the usage of gas,” stressing that the weak exchange rate of the naira against the dollar has increased the price of gas.

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