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[ MAIN ]NEWSOIL & GAS

NLNG/NIMASA Feud Affect Cooking Gas Prices

Following the unresolved debt crisis between the Nigerian Maritime Administration and Safety Agency (NIMASA) an the Nigerian Liquefied Natural Gas (NLNG), stakeholders are starting to feel the brunt.

The scarcity of Liquefied Petroleum Gas, popularly known as cooking gas, which became noticeable on Friday, worsened on Monday with major plants in Lagos and Ogun states rationing the product and increasing the price.

Investigations revealed that the inter-agency crisis fuelled speculations of an imminent crisis in the gas sub sector.

Reports revealed that a 12-kilogramme cylinder of gas, which normally goes for about N3,000, now sells for between N3,300 and N3,400 in Lagos.

Further checks revealed that an NLNG vessel that should have delivered LPG on June 28 had been delayed due to the deepening debt crisis between NIMASA and NLNG, but the vessel is expected to berth in Lagos by the end of the week.

The impending berthing of the vessel is expected to end speculations that the LPG market may be thrown into a fresh round of scarcity owing to delayed supply by NLNG, which is currently battling NIMASA over the $25bn debt.

SOURCE

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