Nigeria: High cooking gas prices affect households

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  1. Nigeria: High cooking gas prices affect households
Location:
Lagos, nigeria, Nigeria, West Africa
Incident Date: February 22, 2024
Instability Rating Max 5.0: 2.50
DESCRIPTION::

The demand for cooking gas in Nigeria has decreased due to rising prices, prompting consumers to seek alternatives like kerosene, charcoal, and firewood. Depot owners attribute the price hike to forex rate depreciation and international market prices. Despite government efforts to enhance supply and encourage domestic usage, inflation has soared, reducing consumers' purchasing power. With landing costs increasing, retailers are compelled to pass on elevated prices to consumers, exacerbating economic burdens. The President of the Nigerian Association of Petroleum and Gas Marketers highlights the impact of market dynamics and the government's intervention to mitigate price surges. Additionally, an economist explains that government policies take time to influence the economy, citing old gas stock and importation costs as contributing factors to high cooking gas prices.

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