Federal Govt Moves To Crash Price Of Cooking Gas 

Posted on November 27, 2023
MICHAEL AKINOLA 
The high price of cooking gas may be a thing of the past if the Federal Government implements its plans to resolve the challenges bordering on the supply and pricing of Liquefied Petroleum Gas (LPSG) in Nigeria’s Domestic Market better known as cooking gas.
P.M.EXPRESS reports that the real cause of high price of cooking gas is the exportation in disregard for domestic use caused by foreigners who produce the gas in Nigeria.
This was disclosed by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, who said he waded into the issue following a rise in the price of LPG per kg from about N700 to above N1,100 in some parts of the country.
According to the statement issued by the Minister’s spokesperson, Louis Ibah, he said the Minister made the disclosure at a meeting convened at the NNPC Towers in Abuja, attended by officials of Chevron Nigeria Limited, the Nigerian Midstream Downstream Petroleum Regulatory Authority, and the Nigerian National Petroleum Corporation Limited.
Key challenges highlighted at the meeting as responsible for LPG price increase included FX sourcing for imports and insufficient supply to the domestic market by producers, the rise in LPG prices FX sourcing for imports and inadequate supply to the domestic market by producers.
Ekpo conveyed President Bola Tinubu’s concerns over the significant price increase in cooking gas and its resulting hardships for the majority of citizens.
The Minister highlighted Nigeria’s abundant gas reserves and criticized multinational firms’ emphasis on gas exports without allocating significant volumes to the domestic market, deeming it unacceptable. He stressed the need for Federal Government intervention due to the exponential surge in LPG prices and the challenges of importation and exportation.
A committee was subsequently established by the Minister with a mandate to deliver recommendations within a week on how to enhance supplies and reduce LPG prices.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

In an unprecedented move, the Harvard Business School –the graduate business school of Harvard... Continue
The First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu, CON says... Continue
President Bola Tinubu has said that his administration is working to ensure that Nigeria... Continue
The recently held Telecoms Industry Risk Management Conference was organised to put Nigeria in... Continue
The World Bank is partnering with Smart Africa to scale up the Smart Africa Digital... Continue
As part of the build-up to the highly anticipated 6th edition of the African... Continue
A group, under the aegis of the South East Dynamic Youths, has described the... Continue
President Bola Ahmed Tinubu, GCFR, has stated that the decision of his administration to... Continue
The signposts of Governor Soludo’s heartwarming performance are increasing day by day, and the... Continue
MICHAEL AKINOLA      Police operatives from the Isheri Oshun Division of the Lagos... Continue

UBA


Access Bank

Twitter

Sponsored