President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALGAM), Olatunbosun Oladapo, has disclosed that the price of gas will be hiked across the country starting next week.
He cited rising international prices, prices of vessels, forex scarcity, high tax rates and naira devaluation the major reasons for the intended price review.
Oladapo said the hike “is starting next week because international prices have gone up. The prices of vessels have gone up and taxes are high, but consumers are not earning more.
“Their purchasing power has gone down. Everybody is crying. Consumers, middlemen, and retailers are feeling the impact because business is now on the low side”.
The NALGAM president who urged gas consumers to brace for tougher times ahead, described the imminent price increment as unfortunate.
According to Oladapo, consumers are now returning to firewood, charcoal, and sawdust for cooking due to the price of gas.
“The situation is very unfortunate because prices are going higher. Nigerian consumers are passing through very difficult times because they can no longer afford gas.
“The government should come in and alleviate the suffering of the masses by providing palliatives, reducing taxes and levies.
“You can imagine that for every 1kg of gas priced at N700, tax would take way N3.50. How much is left in such a business?” he added.
He urged the government to tax profit and not products because consumers were not buying gas anymore.