The price at which Liquefied Petroleum Gas is sold to marketers in the country has increased by over 20 percent in the past one month.
The local currency has lost a significant portion of its value against major world currencies. The Naira exchanged at N462 to $1 on December 22 at the parallel market.
BizWatchNigeria findings showed that terminal operators and importers increased the price of 20 metric tonnes of LPG to N5.3m on Monday from an average of N4.4m a month ago.
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Gas plants in Lagos have adjusted the refill price of 12.5kg cylinder of cooking gas to sell for N4,000, it was sold N3,200 in November.
The price of the same size of cylinder varies from N4,000 and N4,500 as of Tuesday.
Marketers link the surge in the price of the product to the declining value of the Naira against the US Dollar, as well as, rise in global demand which raised the importation cost for the product into the country.
Nigeria has a huge deposit of natural gas but relies on import to meet its domestic gas demand.
