The Nigeria Liquefied Natural Gas Limited (NLNG) has refuted reports suggesting that the surge in the price of domestic Liquefied Petroleum Gas (LPG), commonly known as cooking gas, is a result of a price increase by the company.
In a statement issued by Andy Odeh, the General Manager of External Relations and Sustainable Development at NLNG, the company dismissed the aforementioned report as speculative, highlighting a fundamental misunderstanding of Nigeria’s intricate market dynamics.
He acknowledged the media reports insinuating that the company’s price hike is responsible for the surge in the price of domestic LPG, implying an impending scarcity. However,
NLNG categorically dismisses these reports and emphasizes that they do not accurately comprehend the complexities of Nigeria’s market dynamics.
Furthermore, NLNG highlights that factors such as the scarcity of vessels due to drought in the Panama Canal also play a role in determining LPG prices in the market. The company aims to dispel any misconceptions regarding its role in the recent price surge and reiterates its commitment to providing transparent and accurate information about the various factors influencing the domestic LPG market.
Contrary to media reports suggesting that NLNG’s price adjustments are driving the spike in domestic LPG prices, the company firmly denies any such correlation and emphasizes that these reports fail to grasp the intricacies of Nigeria’s market dynamics. NLNG underscores that the domestic LPG market, akin to any other market, is subject to dynamic forces external influences, including fluctuations in exchange rates and escalating price benchmarks linked to crude oil prices.and