Dealers of Liquified Petroleum Gas (LPG) popular as cooking gas in Nigeria have crashed the price of the product following an improved supply and forex availability.
The price of refilling 12.5kg of cooking gas crashed from N14,000 to about N10,000. The reduction in price comes amidst the relative gain of the naira against the US dollar.
A market survey conducted by Legit.ng, revealed that the dealers have crashed the product’s price to N900 per kilogramme from the N1,300 it sold weeks ago.
The dealers reported improvements in supplies from various depots, saying that the price also crashed due to the relative availability of foreign exchange for import.
According to Legit.ng, a manager at Gasland depot in the Iju-Ishaga area of Lagos, who pleaded anonymity, revealed that the price crash also followed the Nigerian government’s removal of value-added tax (VAT) from the product.
“We are witnessing supply improvements, and more marketers can access the products. Also, we have noticed an improvement in forex availability for importers to bring in the product.” He stated that the deport sold the product at N1,300 per kilogramme two weeks ago but crashed the price to N900. He revealed that 12.5kg sells for about N10,000 from the N14,300 it sold two weeks prior.”
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