Weekly Mont Belvieu Propane-Butane price review April 7th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (5.4% and 5.2% up respectively on the weekly average):
3rd April: 429.2; 439.8
4th April: 435.0; 445.1
5th April: 431.1; 446.1
6th April: 429.2; 441.7
7th April: Bank holiday
LPG Butane prices continued the upward trend to close at 441.7 USD/MT; 5.97% higher than the previous week's close of 416.8 USD/MT.
Propane prices followed the upward trend by closing at 429.2 USD/MT; 5.95% higher than the previous week's close of 405.1 USD/MT.
We expected the upward trend in oil and Gas prices to continue but not for long; because of growing fears of demand destruction due to economic woes as reported by Oil & Energy Insider, an Oil and gas reporting agency.
Local LPG prices in Nigeria
Local prices didn't increase but went further lower; with Kwale still selling at the lowest price but at 10.9 Million Naira per 20MT and the highest being Prudent Energy Oghara at a lower price of 11.2 Million per 20MT compared to last week. There are also unconfirmed reports of LPG prices going as low as 10.3 Million Naira per 20 tons in Apapa; which may not be unconnected to NLNG supplies which have a significantly lower Landing Cost when compared to imported cargoes.
On the retail side, recent responses to our recent survey suggest some areas ( Akwa Ibom, Cross River, and Anambra ) selling 12.5kg above N10,000.00, while most areas sell within the range.