Energy Briefs
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THE Nigeria Liquefied Natural Gas Limited, NLNG, has said that the high cost of liquefied petroleum gas, LPG, commonly known as cooking gas, was caused by shipping cost, delay of cargo discharges at receiving terminals in Lagos, and the fact that its price is based on international price index.
Kudo Eresia-Eke, general manager, external relations, NLNG, in a statement, stated that the company noticed recent media reports on LPG price increases in the domestic market, explaining that Nigeria LNG’s domestic LPG price was based on an international price index plus 50 percent of the shipping cost of delivering the product to receiving facilities in Apapa-Lagos.
The price is invoiced in naira at the prevailing official interbank exchange rates, contrary to erroneous reports in some media. The reality of this is that although LPG is produced and consumed locally, the product, like crude oil, is an internationally traded commodity with an international price benchmark, open to global demand and supply pressures.
— Jan 23, 2017 @ 01:00 GMT
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