- Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, expressed frustration with the rising prices
The Federal Government of Nigeria has imposed a ban on the export of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, produced domestically.
The move follows concerns over the escalating cost of the commodity, which has become a burden on many Nigerians.
Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, expressed frustration with the rising prices, which have soared from N1,100-N1,250 per kg to N1,525 per kg. In response, the government has directed that, effective November 1, 2024, LPG producers in Nigeria must cease exports unless they import an equivalent volume at local market prices.
Additionally, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) will, over the next 90 days, work with industry stakeholders to develop a new pricing framework that reflects the cost of local production rather than relying on international market prices.
In the long term, the government plans to invest in infrastructure for LPG blending, storage, and distribution to ensure domestic supply meets local demand and stabilizes prices.
The government hopes these measures will alleviate the economic pressure on households caused by the skyrocketing cost of cooking gas.