Weekly Mont Belvieu Propane-Butane price review April 28th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (5% and 6.2% down respectively on the weekly average):
24th April: 418.3; 432.6
25th April: 413.7; 424.5
26th April: 399.4; 411.4
27th April: 390.1; 397.9
28th April: 386.7; 387.5
LPG Butane prices declined significantly this time by 11%, at the end of last week; closing at 387.5 USD/MT against the previous week's close of 436.7 USD/MT. This is the lowest butane price in 2 years.
Propane prices followed the trend closing at 386.7 USD/MT; 8% Lower than the previous week's close of 420.1 USD/MT.
Negative economic data from economic superpowers like the US and China has led to lower oil and gas prices. Poor economic data suggests lower demand appetite which is affecting prices. we expect butane prices to continue the downward trend in the near future.
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 and A A Rano. The highest prices were at Prudent Energy selling at 10.750 Million. 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.