The minister of State for Petroleum (Gas), Ekperikpe Ekpo, has raised the hope of possible crash in the price of the Liquefied Petroleum Gas (LPG), otherwise known as cooking gas to affordable level by every household in Nigeria, blaming the skyrocketing price on the exportation of the commodity.
The minister who gave the assurance while feting elders, stakeholders and youths during his recent parley in Abak local government area of Akwa Ibom State, disclosed that modalities have already been worked out by the Federal Government to crash the price to a more acceptable level.
While highlighting steps taken by his ministry to cut the cost and make the product more available to power generating companies, the former House of Representatives member for Abak/Etim Ekpo/Ika, said,
“Part of the plans by the Federal Government to end the high cost of cooking gas is to increase in-country circulation of LPG. This can be achieved through the establishment of gas plants at various parts of the country, which is what the ministry is currently working on and advocating for.
“The reason for the current price hike is due to scarcity as a result of exportation. The high demand for it has also made the local dealers take advantage of the situation and sell at a higher rate.
“We are working seriously to arrest this situation through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is saddled with the responsibility of gas price-fixing.
“Nigeria’s blending of LPG is 40:60 (propane and butane). But some companies produce and blend their gas to their specific blend like 50:50 or 30:70, which is not the blend that is needed here.
“So, recently, we convened a meeting with the International Oil Companies (IOCs), urging them to stop selling their gas (LPG) outside the country. We have moved a step further to look for a blending plant that would blend it to our specification.”
Ekpo maintained that with this in place, as the ministry works round the clock towards establishing a standard price regime of cooking gas at minimal and affordable cost to the local consumers, “we have discussed how we can stop the export of gas by independent producers and when we stop the export of gas, the price will come down.”
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
