The Federal Government has taken decisive steps to address challenges in the supply and pricing of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, in the domestic market. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, intervened in response to the surge in LPG prices, rising from N700 to over N1,100 per kg in some regions.
The minister convened a meeting at NNPC Towers in Abuja, attended by officials from Chevron Nigeria Limited, the Nigerian Midstream Downstream Petroleum Regulatory Authority, and the Nigerian National Petroleum Corporation Limited. Key issues identified as contributing to the LPG price hike include difficulties in sourcing foreign exchange for imports and insufficient supply to the domestic market by producers.
Expressing President Bola Tinubu's concerns over the escalating cooking gas prices, Ekpo emphasized Nigeria's abundant gas reserves. He criticized multinational firms prioritizing gas exports over meeting domestic demand, deeming it unacceptable. The minister highlighted the government's obligation to ensure public interest, urging collaboration with producers to secure gas supply.
To swiftly address the situation, the minister established a committee tasked with providing recommendations within a week to enhance supplies and lower LPG prices, recognizing the approaching surge in demand as December approaches.
