The federal government of Nigeria has announced the immediate suspension of exportation of Liquefied Petroleum Gas (LPG).
This is in a bid to curb the rising cost of cooking gas in the country.
LEADERSHIP checks revealed that the price of LPG, commonly known as cooking gas, escalated to N1,400 per kilogramme, this week amidst rising demand.
This sharp increase, up from less than N500 in 2018, sent shockwaves through households nationwide, adding another layer of burden to an already strained population.
High Cooking Gas Prices Persist Despite Tax Cuts
Minister of state for Petroleum Resources (Gas), Ekperikpe Ekpo, announced the suspension of LPG exportation during an Internal Stakeholders’ Workshop held in Abuja.
He said the move was part of a strategic effort to boost the availability of LPG within the domestic market, to alleviate the financial burden on consumers due to surging prices.
Ekpo revealed there were ongoing discussions with critical stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well as major operators like Mobil, Chevron, and Shell.
According to him, the discussions were aimed at collaboratively addressing challenges faced by consumers and ensuring a more stable and affordable cooking gas market.
The minister emphasised the importance of halting the exportation of locally produced LPG, intending to keep the entire production within the country.
He added that by doing so, the government anticipated an increase in the volume available for the domestic market, potentially leading to a reduction in prices and providing relief to consumers grappling with the high cost of the product.
“There is that hope that things will turn around. We don’t need to make noise about it,” the Minister stated.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
