Weekly Mont Belvieu Propane-Butane Price Review February 2024

By Godwin Okoduwa ــ Last Update 18 February 2024

Weekly Mont Belvieu Propane-Butane price review February 16th, 2024

LPG price average prices for each day during the week for Propane and Butane respectively.

12/02/2024 477.5 493.9

13/02/2024 483.6 497

14/02/2024 488.3 499.7

15/02/2024 495.6 501.8

16/02/2024 490.9 500.6

This week proved intriguing as Butane prices tested the $500 USD mark again, marking an average increase of 4.40% over the previous week. Additionally, Propane saw a modest uptick with a weekly average price increase of 1.20%. Throughout the year, LPG prices have fluctuated between $450 to $500 per MT.

Oil Prices and Geopolitical Dynamics:

Continuing from the previous week, oil prices maintained a sideways trend amid sporadic attacks in the Middle East. Prices remained subdued, with WTI hovering around USD 78 and Brent at approximately $82 per barrel by Friday, February 16th.

Nigeria LPG Depots:

Similar to the previous week, LPG depot prices in Nigeria continued to rise despite sluggish movement in international prices. FX challenges persist, exacerbated by the Central Bank of Nigeria's rate inching closer to parallel market rates. Prices reached between 21 and 23 million Naira by February 16th, with the primary driver being the Naira/USD exchange rate, which now hovers around 1600 per US Dollar. The market is increasingly opaque, with plant owners and traders taking more time to make trading decisions.

Retail Prices:

Retail prices surged to 17,000 Naira per 12.5kg in numerous locations outside Lagos. As depot prices climb, retail prices are expected to follow suit, mirroring the trend seen in other commodities experiencing significant price hikes in recent months.

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