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The price of 12.5-kg domestic gas won’t change on Oct 1, MINCOMMERCE reassures

The price of 12.5-kg domestic gas won’t change on Oct 1, MINCOMMERCE reassures

Paru le mercredi, 29 septembre 2021 15:27

On September 28, Minister of Commerce (MINCOMMERCE) Luc Magloire Mbarga Atangana denied persisting social media rumors that claimed prices of cooking gas will rise on October 1, 2021.  "An alleged information shared on social media reports the price of a cylinder of domestic gas would rise on October 1. For some people, it will rise to XAF7,300 and others claim the price will rise to XAF7,310. The MINCOMMERCE strongly denies this fake information, published to manipulate the public opinion for undisclosed purposes," the official informs. 

He further stated that the retailing price of 12.5-kg gas cylinders will remain unchanged at XAF6,500. 

Price increase

The last time the price of domestic gas was increased in Cameroon dates back to July 2014.  The price of the 12.5-kg cylinder mostly used by households rose from XAF6,000 to 6,500. 

The rumors about a coming hike in the prices of cooking gas come in a context of a general increase in prices in every local market. 

"Since the onset of the Covid-19 pandemic, we have been experiencing unprecedented deregulation of international supply chains. This deregulation is notably characterized by reduced product availability (...) worsened by a sharp rise in factor costs," the MINCOMMERCE told the government daily Cameroon Tribune last September 14. 

Subsidy

According to the official, the adjustment of some commodity prices is inevitable. "Other price adjustments are (...) not to be ruled out in the future, especially in the construction materials sector, where the last adjustment happened over ten years ago in a different context," he said.

Recently, economic news website Business in Cameroon revealed that the country still imports over 80% of the domestic gas used locally although it also produces gas. Nevertheless, gas prices are subsidized through the Hydrocarbons price stabilization fund CSPH.  

Without the subsidies (between XAF3,500 and XAF4,500 per 12.5-kg gas cylinder), the 12.5 kg gas cylinders mostly used by Cameroonian households would have been retailed at XAF10,000 or XAF11,000 since 2014 instead of the approved retail price, which is XAF6,500. 

Ludovic Amara

Dernière modification le mercredi, 29 septembre 2021 15:30

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