Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (2.2% and 2.9% down respectively on the weekly average):
17th October: 416.5; 419.6
18th October: 419.9; 423.4
19th October: 435.0; 438.3
20th October: 435.7; 439.3
21st October: 430.3; 433.6
LPG Butane prices closed by about 4% higher, closing at 433.6 USD/MT against the previous week's close of 416 USD/MT. Propane prices followed the same trend, but closed lower by 2% i.e. closed at 430.3 USD/MT against the previous week's close of 420.5 USD/MT.
The market appears to be ranging at the moment, with no confirmed direction of price. The factors affecting prices still subsist.
On the local side, prices went as high as N12.6 Million in Apapa due to the Force Majeure declaration by NLNG. LPG prices in the South-South sold as low as N12.1 Million and were unmoved with the Force Majeure declaration, suggesting that there may be low demand or product saturation in that region.
NLNG is expected to resume LPG supply into the local market this week, having communicated that they are still in operations; it is therefore expected that prices would return to the previous week's range in Apapa.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 11,000.00 nationwide.