Weekly Mont Belvieu Propane-Butane Price Review March 1st 2024

By LPG in Nigeria ــ Last Update 02 March 2024

Weekly Mont Belvieu Propane-Butane price review March 1st 2024

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

26/02/2024 452 464

27/02/2024 445.5 466.4

28/02/2024 443.7 473.7

29/02/2024 443.7 483.2

01/03/2024 438.8 464.3

Butane prices declines further:

This week witnessed a further decline in LPG prices, particularly in Butane, which fell by 1% on average, reaching approximately 470.3 USD/MT. Additionally, Propane prices experienced a notable drop of 3.7%, averaging around 444.7 USD/MT. This trend signifies a continuation of the ranging movement between 450 and 500 USD, highlighting the volatility of the market.

Oil Prices and Geopolitical Dynamics:

Oil prices exhibited an upward trajectory this week, with WTI closing at $79.7 USD per barrel and Brent at $83 USD per barrel. The upcoming week holds the potential for either a downward shift or a stabilization in oil prices as OPEC+ convenes to discuss the future of voluntary oil production cuts.

Depot Prices:

Depot prices for LPG saw a significant decrease last week, particularly in Lagos where prices dropped from 23 million per 20MT to under 21 million. At NAVGAS, bulk dealers sold for as low as 20.2 million, signaling a potential drop below the 20 million mark for the first time in a month. Key factors influencing these fluctuations include the CBN exchange rate for the Naira/USD and Mont Belvieu prices, which are unlikely to surpass 500 USD in the event of a price shift.

Retail Prices:

Retail prices remained relatively stable, averaging around 17,000 Naira per 12.5kg at various locations outside Lagos. Notably, in Lekki, a 12.5kg cylinder sold for as low as 15,000 Naira. Anticipations suggest a potential drop in retail prices in the coming week.

For further inquiries or in-depth analysis of these market developments, please do not hesitate to reach out to us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.