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WEEKLY LPG INSIDER REPORT


Prices have risen in the international and domestic markets for LPG in the immediately preceding week

  • The international prices of LPG is maintaining a steady rise from the price level recorded in the previous week.

  • Depot prices have shown some appreciation compared to the previous week.

  • There is consistency in the narrowing of the price differences between prices at the depot level and those at the international level.

  • Price changes per kg of LPG in the week under review and in the past few weeks have remained within the limited range.

  • Recently announced interventions in the LPG industry are yet to start to affect prices in the market.

  • Regional disparities in the retail prices of LPG within the country continue to persist. #

     

     

    Regional disparity in the prices of LPG across the country has been a regular feature of the Nigerian LPG market. The North-West region has the highest prices due to distance from the coastal regions.

     

     

     

    • The exchange value of the naira to the US. $ has remained at the pegged price of N380 to US.$1 throughout the week (Figure D).

    • For the gas market, the Purchasing Managers Index(PMI) of the CBN report declining Business Activities, and New Orders, and employment & inventory for the month of August 2020 compared to July. The declining trend across all measures of industry performance are at variance with the outcomes for July which seemed to suggest some sign of recovery from the COVID-19 induced lock-down.

    • Inflation remains high. The persistent rise in inflation in the past more than 11 months (in July 12.82 June at 12.6% from the 12.4% recorded in May 2020) has implications for the price of LPG across the country. More importantly, the composite food index rose by 15.48% in July 2020 compared to 15.18% in June 2020.

    • Since the demand for food and cooking gas are complimentary, the growing food inflation may signal a drop in demand for LPG by households in the weeks to come.

    • Prices of crude oil in the international market in the week under review ended on a slightly lower note (Figure E).

       

      The current exchange rate loses of the naira to the U.S dollar may lead to a rise in prices in the weeks to come.

 
The Nigerian LPG Market is the next success story of the Global LPG industry, if you need a partner with a global perspective and local expertise in the Nigerian and African space, kindly book for a free session with our team of experts to help you http://www.kiakiagas.com/book-session or write us an email at advisory@kiakiagas.com or Whatsapp: +2348085269328

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