Gas consumers are facing impending challenges as prices are set to rise in the upcoming week, according to statements from gas marketers.

Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, has cautioned consumers to prepare for increased prices.

He attributed the planned price adjustments to a confluence of factors including escalating international prices, elevated tax rates, rising vessel costs, forex shortages, and devaluation of the national currency.

Oladapo expressed concern over the situation, particularly highlighting the impact on consumers’ purchasing power and the likelihood of a return to traditional cooking fuels like firewood and charcoal.

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He urged the government to offer relief measures such as reduced taxes and levies to alleviate the burden on the population.

The price hikes are also linked to vessel scarcity on the international market, which is expected to drive up local prices for Liquefied Natural Gas (LNG), commonly used as cooking gas.

The scarcity has led to charter rate hikes, potentially leading to higher winter prices for heating fuel.

Nigerian LPG prices are influenced by global market dynamics and the local currency’s devaluation.

The recent drop in international prices had momentarily provided relief to local consumers, but the currency devaluation has reversed this trend.

The situation underscores the vulnerability of the gas market to international factors and local economic conditions.