The Nigerian Liquefied Petroleum Gas (LPG) market is facing challenges from rapidly rising prices, according to the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM). During their 36th annual general meeting in Ibadan, Oyo State, NALPGAM urged the Federal Government to stabilize LPG prices to ensure affordability for average Nigerians.
“The galloping hike in the price of gas recently stands as a big challenge to LPG marketers. The government needs to find ways to ensure price stability and make gas available to all Nigerians. If nothing is done, gas will soon become unaffordable for most people,” said NALPGAM President Abideen Olatunbosun.
Olatunbosun stressed the socioeconomic benefits of adopting LPG more widely in Nigeria. He said it would save forests, improve quality of life, and spur economic growth. But the spike in LPG prices threatens to make it inaccessible for many households.
Guest speaker Prof. Sunday Isehunwa identified factors impacting the LPG market including demand fluctuations, supply issues, gas production and consumption patterns, pricing changes, and electricity costs.
Marketers argue government intervention is required to keep LPG affordable amid market volatility. Stable pricing is key to unlocking the benefits of wider LPG adoption. But without action, rising prices could make LPG unaffordable for average Nigerian households soon.