Weekly Mont Belvieu Propane-Butane Price Review March 22nd 2024

By Godwin Okoduwa ــ Last Update 25 March 2024

Weekly Mont Belvieu Propane-Butane price review March 22nd, 2024

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

18/03/2024 414.2, 440.5

19/03/2024 426.7, 448.8

20/03/2024 423.6, 444.2

21/03/2024 424.9, 448.2

22/03/2024 425.6, 450.6

LPG price trend reverses:

LPG prices made a u-turn last week, with average prices of Butane and Propane increasing by 4.2 and 6.5% respectively. While Butane ended the week with an average price of 446.5, propane ended the week with an average weekly price of 423 USD/MT. This seems to be a response to the geopolitical occurrence in recent times.

Dramatic bullish run for Oil Prices

Prices closed at the same levels compared to the previous weeks; with Brent still at 85 USD despite the potential ceasefire at Gaza and some potential stoppage of attacks on oil installations in Russia and Ukraine. Going forward we may see oil prices hitting the roof, should the recent terrorist attack in Russia be linked to a 'cold ally ', which could lead to a retaliation that can quickly explode to unimaginable levels.

The regional Dichotomy in LPG prices continue to close up in Nigeria:

Depot price differential between depots in Lagos and depots in the South-South closed up during the week for the second consecutive week. By Friday the lowest price in Lagos was about 20.8 Million or lower, while at Stockgap, prices fell to 21 Million per 20 MT. Factors to look out for are the CBN USD exchange rate which is gradually dropping and Mont Belvieu prices which aren't changing much. We don't see much changes in prices as we enter this new week.

Retail Prices:

Retail prices remained relatively stable, selling from 15000 per 12.5kg in Lagos to up to 17000 outside Lagos.

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.