As Nigerians continue to face an array of challenges, including elevated feeding and transportation costs, the removal of fuel subsidies, and a recent hike in the price of Liquefied Petroleum Gas (LPG), concerns over the financial burden on households and businesses are mounting.
The pump price of LPG, commonly known as cooking gas, has experienced a consistent upward trajectory in recent months, compounding the economic woes of the populace. According to the National Bureau of Statistics (NBS) May 2023 report, the price of a 12.5kg LPG cylinder surged from N9,500 to N12,000 between May and August 2023.
Presently, consumers are grappling with even steeper prices, with the same 12.5kg LPG cylinder commanding rates between N14,500 and N15,000. This alarming increase is attributed to the combined factors of a global rise in market prices and the continuous depreciation of the Naira. Consequently, wholesalers and retailers of LPG find themselves compelled to pass on these escalating costs to consumers.
The repercussions of this surge are felt deeply by households and businesses across the nation, with many individuals expressing their struggles. Dorcas Adeyeye, a consumer and student at the Nigerian Institute of Journalism, highlighted the impact on her daily life, stating, “The increase in gas price is affecting me as a student because now I fill up 3 kg for N3,300, which before was N2,850.”
Residents, such as Mr. Wuni Daniel from Ogba, share similar sentiments, describing the price hike as “life-threatening.” Daniel revealed, “I now fill 12kg for N12,000, which is affecting my household because I haven’t received an increment in salary.”
The widespread discontent among Nigerians is palpable, with citizens urging the government to intervene urgently and implement lasting solutions to address the surge in inflation impacting various sectors. The ripple effects of the LPG price surge underscore the need for comprehensive measures to mitigate the economic challenges faced by the populace. As households and businesses navigate these turbulent financial times, the call for effective intervention resonates across the nation.
