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The Nigerian federal government (FG) has taken immediate action by suspending the exportation of Liquefied Petroleum Gas (LPG) to address the surging cost of cooking gas in the country.
Reports indicate that the price of LPG, commonly known as cooking gas, skyrocketed to N1,400 per kilogram this week, marking a significant increase from less than N500 in 2018 and placing an additional financial strain on households across the nation.
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The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced an Internal Stakeholders’ Workshop in Abuja. He highlighted the strategic decision to halt LPG exportation as part of efforts to enhance the availability of LPG in the domestic market and alleviate the financial burden on consumers facing rising prices.
Ekpo disclosed ongoing discussions with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well as major operators such as Mobil, Chevron, and Shell.
These discussions aim to collaboratively address challenges faced by consumers and work towards creating a more stable and affordable cooking gas market.
The minister stressed the significance of ceasing the exportation of locally produced LPG to ensure that the entire production remains within the country.
This, he believes, will potentially increase the volume available for the domestic market, leading to a reduction in prices and providing relief to consumers affected by the high cost of the product.
“We don’t need to make noise about it,” stated the Minister, expressing hope for a positive turnaround in the situation.
