The Federal Government, on Thursday, February 22, announced its implementation of measures to address the scarcity and surging costs of Liquefied Petroleum Gas, commonly known as cooking gas, by ceasing its export.
During the “Internal Stakeholders’ Workshop” in Abuja, focusing on “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development,” Minister of State for Petroleum Resources, Ekperikpe Ekpo, shared this information.
Ekpo conveyed ongoing discussions with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators such as Mobil, Chevron, and Shell, to tackle challenges linked to the rising prices of domestic gas.
He specified that by halting the export of domestically produced cooking gas, the available volume for the domestic market would increase, naturally leading to a reduction in the product’s price.
“We are interacting with critical stakeholders to ensure that there is no exportation of LPG. All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and, of course, the price will automatically crash,” stated Ekpo.
He underscored continuous engagements with regulatory bodies and major producers, expressing optimism that these efforts would yield positive outcomes. Ekpo concluded, “I am in contact with the regulation, NMDPRA, we hold meetings almost on a daily basis, and the producers such as Mobil, Chevron, and Shell. So there is that hope that things will turn around. We don’t need to make noise about it.”
