- International (Mont Belvieu) prices of LPG started on a rising note and subsequently started to experience a drop from mid-week of the week under review.
- Prices of LPG at the depot level are still high relative to prices at the international market.
- Prices per kg of LPG at the depots in Nigeria are still double the prices at the international market. Prices per kg of LPG also increased slightly within the week. However, the rise in prices for LPG at the depot level was higher
- 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 to the US. $ was remained stable at the new rate of N381 to US.$1 throughout the week. (Figure D). However, the Central Bank of Nigeria (CBN) is yet to formally reflect the new rate in their official website.
- The foreign reserve recorded a slight rise away from the continous drop it has witnessed for more than a month. The slight rise witnessed in the size of Nigeria's foreign reserve has implications for the value of the naira and the price for LPG within the country in the days and weeks to come.
- For the gas market, though the Purchasing Managers Index(PMI) of the CBN report declining inventory, new orders and employment for the month of June 2020, the decline is lower for the month of June compared to the month of May.
- The removal of restriction on inter-state movement due to the COVID-19 is leading to an initial rise in prices for LPG at the depot level
- Prices of crude oil in the international market in the week under review showed an unstable trend, after an initial rise (Figure E).
Considering the recent devaluation of the naira, the initial rise in prices may continue to the next few weeks until some stability is reached.