Weekly Mont Belvieu Propane-Butane price review March 31st 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (5.7% and 3.8% up respectively on the weekly average):
27th March: 404.9; 421.1
28th March: 412.1; 421.6
29th March: 413.5; 423.1
30th March: 408.7; 423.8
31st March: 405.1; 416.8
LPG Butane prices continued the upward trend to close at 416.2 USD/MT; 1.36% higher than the previous week's close of 411.2 USD/MT.
Propane prices followed the upward trend by closing at 405.1 USD/MT; 3.58% higher than the previous week's close of 391.1 USD/MT.
We expected the upward trend in oil and Gas prices to continue as OPEC+ reduces its Oil production output further, by some 1.16 million barrels daily. Russia has also announced a further cut of 500,000 barrels per day.
Local LPG prices in Nigeria
Local prices made some corrections during the week, with Kwale selling at the lowest price but at 10.9 Million Naira per 20MT and the highest being Prudent Energy Oghara at 11.550 Million per 20MT. Price changes should be minimal, but upward this week.
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.