The Federal Government has taken actions to arrest the soaring prices of cooking gas.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo announced the establishment of a committee under the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) with a mandate to come up with recommendations on how to boost supplies and crash prices within a week.
The minister also cautioned producers against exporting gas amid its soaring price in Nigeria.
Ekpo said President Bola Ahmed Tinubu was worried over the astronomical increase in the price of cooking gas and its attendant hardship on Nigerians.
- FG Unveils Energy Zone Plan for 24-Hour Power in Lagos, Abuja, Kano, Others
The Federal Government has commenced discussions with electricity distribution companies…Read More “FG Unveils Energy Zone Plan for 24-Hour Power in Lagos, Abuja, Kano, Others” »
- FG Brings Renewed Power to Kwara, Commissions Solar Mini-Grid Serving 1,800 Homes and Businesses
The Federal Government has taken another step towards expanding reliable…
Ekpo spoke at a meeting where he hosted critical stakeholders in domestic cooking gas chain at the Nigerians National Petroleum Company Limited (NNPC) Towers in Abuja.
In attendance were top officials of Chevron Nigeria Limited led by Sansay Narasimi; NMDPRA, led by its Chief Executive Officer, Farouk Ahmed and the NNPCL.
He said the intervention became necessary to address the challenges on the supply and pricing of Liquefied Petroleum Gas (LPG) in the domestic market.
It followed the rise in the price of a kilogramme of cooking gas from about N700 to above N900 in some parts of the country.
According to a statement by the Ekpo’s spokesman Mr. Louis Ibah, FX sourcing for imports and insufficient supply to the domestic market by producers, were identified as some of the challenges responsible for the rising price.
The minister, who noted that Nigeria is abundantly endowed with gas reserves, said the situation where some of the multinational firms were more concerned with gas exports without dedicating huge volumes for the domestic market was unacceptable and should be discouraged.
The statement reads: “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. We acknowledge that some producers are exporting while we are faced with the challenges of importation.
“Public interest is the overriding interest all over the world for the government, the demand for LPG will increase as we approach December…you have a public service obligation to collaborate with the government to ensure security of gas supply, we need to therefore bend backwards and find solutions, to ensure that we have sufficient supply and stability in-country and that Nigerians have gas.”
