The cost of a 12.5kg cylinder of Liquefied Natural Gas (LNG), commonly used for cooking, has surged to N12,500 in Nigeria, coinciding with the nation’s 63rd Independence anniversary, as reported by The PUNCH.

Extensive market research conducted by our correspondent has unveiled a notable escalation in the price of the 12.5kg cylinder, which had previously been valued at N10,000 towards the conclusion of the previous month, now standing at approximately N12,500 within the Lagos region.

Earlier, The PUNCH had disclosed statements from Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, who issued a caution that the price of the 12.5kg cooking gas might soar to as high as N18,000 by December, unless the Federal Government intervenes and addresses the activities of terminal operators.

Nevertheless, despite this alert, Olatunbosun conveyed to The PUNCH on Monday that the government had not yet intervened in the unfolding situation. He stated, “Yes, the price is now N1,000 per kilogram, but the government is yet to step in despite a meeting we had with the NMDPRA.”

He further elucidated that gas retailers continue to acquire 20 metric tons of gas at the depot for N14 million, emphasizing that the rising cost of diesel has escalated transportation expenses to the North, with the current cost standing at N1.7 million. He urged consideration for the impact on gas prices in other regions, particularly the Middle East and North.

Olatunbosun asserted, “What we pray for is for prices to come down so that the ordinary masses can benefit from the decade of gas policy of the Federal Government that seeks to make gas accessible and affordable for the common man.”

In a report issued by The PUNCH in September, terminal operators were found to have raised the cost of cooking gas from an earlier range of N9 million to N10 million per 20 metric tons, now reaching N14 million.

Olatunbosun voiced concerns, stating, “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, prices could reach as high as N18 million for a 20 metric tons truck by December. This means that a 12.5kg cylinder could cost as much as N18,000.”

Terminal owners, he asserted, were capitalizing on the pretext of elevated foreign exchange rates to justify price increases, further exacerbating the plight of the general populace.

Notably, while gas terminal owners lack a visible association, representatives from NavGas and Nipco Plc, including Friday Agwu and Askay Kumar, refrained from responding to inquiries made by The PUNCH.