Weekly Mont Belvieu Propane-Butane price review May 26th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.3% down and 0.5% up respectively on the weekly average):
22nd May: 327.6; 334.9
23rd May. 332.0; 337.1
24th May: 334.1; 341.0
25th May: 324.6; 332.1
26th May: 324.6; 326.3
Although LPG Butane prices made an average increase 0f a marginal 0.5% last week, it closed lower by 3%; closing at 326.3 against a previous week's close of 335.5; making it the lowest price in over 24 months.
Propane prices also declined lower by 1%; 324.6 USD/MT against the previous week's close of 328.1 USD/MT.
The price direction for LPG is still bearish as you can see from the chart. Prices are likely to remain bearish in the short term. However, an important event to look out for is the OPEC event coming up in early June; a cut in oil production could lead to a change in price trend.
Local LPG prices in Nigeria
Local prices at the depots fell further to N9.6 Million Naira in Apapa depots while the highest selling by Friday was Prudent Energy, Oghara at 10.2 Million per 20MT. We expect supply pressures and dropping international prices to continue to push prices down.
On the retail side, the 12.5kg LPG cylinder sells for around N8200.00 in Lekki - Lagos, but quite higher in other areas nationwide.