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WEEKLY LPG INSIDER REPORT


Prices have shown a slight rise in the international and domestic markets for LPG in the immediately preceding week
 

  • International(Mont Belvieu) prices of LPG started on a rising note and ended on a slightly lower note compared to the same day in the previous week.

  • Prices of LPG at the depot level showed a slightly different trend compared to the previous week: the price difference between the Mont Belvieu and depot prices are slightly narrower compared to the previous week under review through the week under review.

  • The difference between prices per kg of LPG at the depots and retail prices in Nigeria have not changed much compared to the previous week. Like the depot prices, retail prices fell through the week.

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

    • Nigeria's foreign reserve is continuing to experience a rise as in the previous week. The continuous rise has also been supported by continuous peace and calm in the oil-producing Niger-Delta of Nigeria.

    • For the gas market, the Purchasing Managers Index (PMI) of the CBN report declining Business Activities, and New Orders, and employment & inventory which started contracting in May still persist. It recorded 49.4 in the month of October 2020. The declining trend in new orders and employment are faster than those in business activities and inventory.

    • Inflation remains high. The persistent rise in inflation in the past more than 11 months is already reflecting in the price of gas for the last mile user. The persistent rise in inflation in the past (in September 13.7%, August 13.2%, July 12.8%, 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 of 16.16% in September still persist in October 2020.

    • Prices of crude oil in the international market rose in the beginning of the week under review but later fell in the middle and at the end of the week. (Figure E).

       

      • We expect LPG prices to continue to rise in the coming days due to increased rate of inflation

      • It is anticipated that the high transportation cost will result to high LPG price in the coming weeks for the last mile user.

         

Kindly book for a free session with our team of experts to help you at http://www.kiakiagas.com/book-session or write us an email at advisory@kiakiagas.com or Whatsapp: +2348085269328

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