Weekly Mont Belvieu Propane-Butane Price Review March 17th 2023

By Godwin Okoduwa ــ Last Update 19 March 2023

Weekly Mont Belvieu Propane-Butane price review March 17th, 2023

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (13.8% and 13.5% down respectively on the weekly average):

13th March: 411.9; 437.7

14th March: 399.9; 432.1

15th March: 366.0; 400.3

16th March: 368.3; 391.3

17th March: 375.3; 396.0

LPG Butane prices continued on a downward trend last week, breaking the 400 USD mark for the first since December 2022; closing by a massive 13.44% lower at 396 USD/MT against the previous week's close of 457.5 USD/MT.

Propane prices, yet again, also followed the downward trend; closing at 375.3 USD/MT against the previous week's close of 422.2 USD/MT - a massive 11.11% price decrease.

Falling Oil and Gas prices are linked to recent US economic indices and the recent European banks' challenges, notably the Credit Suisse Bank. As predicted last week, we should expect a rebound after LPG prices broke the 400 USD mark, this week.

Local LPG prices in Nigeria

Local prices continued to fall; the lowest being 11.1 Million Naira per 20MT at Kwale Hydrocarbon, Kwale, and the highest being Prudent Energy and Shafa Energy at Oghara and Warri respectively - both in Delta state. We should expect more price drops as more LPG flood the market coupled with the international price ( mont belvieu) fall.

On the retail side, generally, prices remain in the N9,000.00 to N10,000.00 range.