The hike in the foreign exchange rate and activities in the international market may result to increase in the price of cooking gas, says the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM)
President of the association, Olatunbosun Oladapo issued who the warning on Thursday noted that a gas terminal operator sent out an official notification of the changes in price, attributing the increase to a significant hike in forex rate and scarcity of same
“It is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high.
“Consumers, middlemen, and retailers are feeling the impact because business is now on the low side,” he said.
Olatunbosun, who described the imminent price increment as unfortunate, said: “The situation is very unfortunate because prices are going higher.
“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?”
