Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (6.4% and 0.8% down respectively on the weekly average):
30th January: 475.1; 518.0
31st January: 465.2; 514.2
1st February: 448.5; 528.9
2nd February: 424.6; 532.8
3rd February: 426.6; 529.7
LPG Butane prices really continued the slow decline it started in the previous week, closing by just 0.43% lower than its previous week's close; at 529.7 USD/MT against 532 USDMT.
Propane on the other hand had a significant move downward by 11,75%, closing at 426.6 USD/MT against the previous week's close of 483.4 USD/MT.
International prices went down as Oil and Gas inventories went up due to stock build-up and low draw-downs from warmer weather. Oil prices went below 80 USD, abruptly stopping a bullish oil trend. The planned price cap on Russian oil could cause some scarcity which could bring prices back up. Let's see what happens in the coming weeks.
Local LPG prices in Nigeria
Local prices continue to drop as inventories increase in the market. January had more than 80,000MT via vessels about the same volumes moved in 2022. This year's New year LPG demand seems to be stunted by the forthcoming elections in February.LPG sold for as low as 11.6 Million Naira per 20MT in Apapa. Depots in the South-South region maintained prices around 11.8 and 11.50 million per 20MT. Already prices have fallen to 11.5 Million in Apapa in the current week.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.