Gas consumers are set to face more challenging times ahead as market insiders have signalled an impending price increase slated for next week.

 Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, delivered the news, advising gas users to prepare for elevated costs in the coming days.

Oladapo attributed this potential price surge to a confluence of factors, including escalating international rates, elevated tax levels, increased vessel expenses, foreign exchange scarcity, and the devaluation of the naira.

 "The price adjustment is set to commence next week due to the recent surge in international prices, combined with the increased expenses related to shipping and the burden of high taxes," he stated.

He further noted that despite these rising costs, consumers' earning power remained unchanged, leading to a significant strain on their budgets. "Consumers, intermediaries, and retailers are all grappling with the impact of these changes, as business activities have taken a downturn," Oladapo explained.

Expressing his concern, Oladapo described the forthcoming price hike as regrettable, particularly considering the current economic climate. He commented, "This situation is unfortunate as prices continue to climb. Nigerian consumers are undergoing immense hardship as gas affordability becomes a challenge."

The situation has led some consumers to revert to more traditional cooking methods like firewood, charcoal, and sawdust. Oladapo emphasised the need for government intervention to alleviate the burden on the masses, suggesting measures such as palliatives, tax reductions, and levies.

Highlighting the impact of taxation on the industry, he stated, "For every 1kg of gas priced at N700, taxes account for N3.50. This diminishes the returns for businesses substantially." Oladapo advocated a shift towards taxing profits rather than products, as consumers find it increasingly difficult to afford gas.

In conclusion, he urged marketers who can source products locally to consider the plight of consumers when determining prices. The call for a balanced approach, considering both business realities and the welfare of consumers, rings loud in the face of the impending price changes.