Weekly Mont Belvieu Propane-Butane price review April 21st, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (2.2% and 1.9% down respectively on the weekly average):
17th April: 424.9; 439.7
18th April: 427.9; 442.2
19th April: 424.0; 438.6
20th April: 417.1; 432.6
21st April: 420.1; 436.7
LPG Butane prices declined marginally by 2% at the end of the week; closing at 436.7 USD/MT against the previous week's close of 446.8 USD/MT.
Propane prices followed the same trend closing at 420.1 USD/MT; just 3% Lower than the previous week's close of 435 USD/MT.
Rising interest rates and recession fears across the US and Europe are the primary reason for the decline in oil and gas prices. However positive demand from China and declining inventories may take prices upwards. The price trend is not certain but likely to take a ranging trend this season.
Local LPG prices in Nigeria
Local prices at the depots maintained the previous week's low at 10.3 Million per 20MT at Rainoil depot. The highest prices were at Prudent Energy selling at 11 Million at some point and Stockgap at 10.95 Million per MT. We expect supply pressures to continue to push prices down.
On the retail side, the 12.5kg LPG cylinder sells for around N9000.00 to N10,000.00 in most parts of the country.