In response to the significant price hikes in Liquefied Petroleum Gas (LPG), commonly known as cooking gas, the Nigerian Federal Government has initiated measures to tackle challenges related to supply and pricing.
Louis Ibah, spokesperson for the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, reported that Minister Ekpo intervened as the price of LPG per kilogram surged from approximately N700 to over N1,100 in certain areas.
A crucial meeting held at the NNPC Towers in Abuja, spearheaded by Minister Ekpo, involved senior officials from Chevron Nigeria Limited, Nigerian Midstream Downstream Petroleum Regulatory Authority, and the Nigerian National Petroleum Corporation Limited.
Issues contributing to the surge in LPG prices were identified, including difficulties in sourcing foreign exchange for imports and insufficient domestic supply by producers.
Minister Ekpo conveyed President Bola Tinubu’s concerns about the sharp rise in cooking gas prices and its impact on citizens. He underscored the need to prioritize Nigeria’s substantial gas reserves for the domestic market, criticizing multinational firms for favoring gas exports.
“With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene, and I am representing this at this moment,” Minister Ekpo stated.
Acknowledging challenges in both exporting and importing, he emphasized the government’s commitment to public interest, particularly as the demand for LPG is expected to rise approaching December. Minister Ekpo urged collaboration with the government to ensure gas supply security and stability within the country.
To address the issue, the minister promptly constituted a committee tasked with providing recommendations on how to boost supplies and reduce LPG prices. The committee is expected to present its findings within a week, signaling the government’s proactive approach to addressing the concerns of the public and stabilizing the cooking gas market in Nigeria.