- The federal government forms a committee to address high cooking gas prices within a week and tackle supply challenges
- Minister Ekperikpe Ekpo intervenes in issues surrounding LPG pricing, citing challenges like foreign exchange sourcing and inadequate domestic supply
The federal government has shown concern over the high cost of cooking gas and has formed a committee tasked with reducing the price within a week and addressing supply challenges. The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has intervened in the issues surrounding the supply and pricing of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, in the domestic market.
The intervention comes in response to the recent increase in the price of LPG per kilogram, rising from about N700 to over N900 in some regions, and even exceeding N1200 per kilogram in certain states.
Key challenges identified as contributing to the surge in LPG prices include difficulties in sourcing foreign exchange for imports and inadequate supply to the domestic market by producers.
During a meeting held at the NNPC Towers in Abuja, attended by top officials from Chevron Nigeria Limited, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), and the NNPCL, the minister emphasized that Nigeria possesses abundant gas reserves. He expressed dissatisfaction with multinational firms prioritizing gas exports over dedicating substantial volumes to the domestic market.
In response, the gas minister constituted a committee led by the CEO of NMDPRA, with a mandate to provide recommendations on boosting supplies and lowering LPG prices within a week.