"Prices remained largely stable in the domestics market and only slightly less stable in the international market for LPG in the immediately preceding week "

• • International prices of LPG is beginning to exüperience a rise in the week under review.
• • We find a growing divergence between depot prices and the Mont Belvieu LPG(International) prices. We understand the adjustment process to the prevailing international prices will take a few weeks to be reflected in the depot prices.
• • Retail prices versus depot prices have not changed much in the week under review.
• • 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. Though the South-south geopolitical zone hosts the great majority of depots in the country due to its proximity to the ocean, prices have been highest in the region.

• • The exchange value of the naira remained stable though out the week as prices start to experience a rise after two weeks of mainly downward trend. (Figure D).
• • The gross foreign reserves of Nigeria is continuing a downward trend, however at lower rate. We consider that this may be related to the recent rise in the price crude oil in the international market
• • As noted last week, the composite Purchasing Managers’ Index (PMI) for the month March 2020 stood at 49.2 points, indicating contraction in Non-manufacturing PMI for the first time after thirty-four consecutive months of expansion.
• • For the gas market, managers report declining inventory, new orders and employment.
• • The price Of oil in the international market (Figure E) is beginning to experience a rise in the week under review.

•   The exchange value of the naira remained stable though out the week as prices start to experience a rise after two weeks of mainly downward trend. (Figure D).
• The gross foreign reserves of Nigeria is continuing a downward trend, however at lower rate. We consider that this may be related to the recent rise in the price crude oil in the international market
• As noted last week, the composite Purchasing Managers’ Index (PMI) for the month March 2020 stood at 49.2 points, indicating contraction in Non-manufacturing PMI for the first time after thirty-four consecutive months of expansion.
• For the gas market, managers report declining inventory, new orders and employment.
• The price Of oil in the international market (Figure E) is beginning to experience a rise in the week under review.

• Price of LPG in the domestic market may rise in line with recent rises in international prices of crude oil and the recent easing of the lockdown across major countries of the world.
• We expect a continuous stabilization of the exchange value of the naira as market players adjuster to the new rates.