Owners of Liquefied Petroleum Gas (LPG) plants, also known as cooking gas plants, have begun adjusting their prices as supply improves in the market.

The development comes after days of scarcity, which led to a surge in prices, especially in Lagos and Ogun states.

A survey by Legit.ng showed that some gas plants are now selling at N1,500 to N1,600 per kg, compared to the N1,800 to N2,300 range last week.

A dealer at Egbeda, Lagos, Funmilayo Olumide, told Legit.ng on Monday that she had reduced her prices to reflect the current market reality.

"For now, I sell at N1,500 per kg because I still have some stock I bought at higher prices. Once I sell them off, my price will drop to N1,200 or lower.

"Last week I sold at N2,300 per kg” Another retailer, who gave his name as Kunle, confirmed a price drop but noted that it would take time for rates to return to previous levels.

He said:

“My 1kg is currently N1,600, while 5kg sells for N8,000. Yes, prices will drop further, but it may take until next week before the changes reflect because most of us restocked at high prices."

The price situation differs for residents outside Lagos and Ogun states.

For example, a retail price list seen at the AA Rano Gas Plant in Osogbo showed that 1kg sells for N1,120, while 12.5kg goes for N14,500.

Here is a new price for cooking gas by a retailer

1kg: N1,600

2kg: N3,200

3kg: N4,800

4kg: N6,400

5kg: N8,000

6kg: N9,600

7kg: N11,200

8kg: N12,800

9kg: N14,400

10kg: N16,000

11kg: N17,600

12kg: N19,200

12.5kg: N20,000

LPG Retail Association blame marketers

Meanwhile, the Liquefied Petroleum Gas Retailers Association of Nigeria (LPGAR) has distanced itself from the recent surge in the price and scarcity of cooking gas across the country.

Ayobami Olarinoye, Chairman of the association, said in a statement that retailers should not be blamed for the current hardship faced by consumers, Vanguard reports.

According to him, the recent price hike results from supply challenges and market instability rather than price manipulation by retailers.

Olarinoye explained:

“Many of our members travel to neighbouring states to purchase LPG at high prices due to limited availability. Naturally, this affects retail prices. We do not control the supply chain.”