In response to the recent surge in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, the Federal Government has initiated a process to address challenges related to supply and pricing in the domestic market.
The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, led a meeting at the NNPC Towers in Abuja, bringing together key industry stakeholders to deliberate on the matter.
Louis Ibah, the spokesman for the Minister of State Petroleum Resources (Gas), highlighted the rise in the price of LPG per kilogram from approximately N700 to over N1,100 in certain regions of the country.
The meeting included representatives from Chevron Nigeria Limited, led by Sansay Narasimi; Nigerian Midstream Downstream Petroleum Regulatory Authority, headed by CEO Farouk Ahmed; and the Nigerian National Petroleum Corporation Limited.
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Key challenges identified during the meeting as contributing to the LPG price increase included foreign exchange (FX) sourcing for imports and insufficient supply to the domestic market by producers.
Minister Ekpo conveyed President Bola Tinubu’s concerns over the substantial hike in cooking gas prices and the resulting hardship on citizens.
He emphasized Nigeria’s abundant gas reserves and expressed dissatisfaction with multinational firms prioritizing gas exports over domestic market needs.
The minister emphasized the need for the Federal Government’s intervention, considering the exponential increase in LPG prices.
He acknowledged challenges related to both exports and imports and stressed the importance of public interest.
Minister Ekpo called for collaboration between the government and producers to ensure gas supply security and stability within the country.
To address the challenges and find solutions swiftly, the minister established a committee with a mandate to provide recommendations on boosting supplies and lowering LPG prices.
The committee has been given a week to formulate actionable strategies to alleviate the impact of the price hike on consumers and enhance the stability of the cooking gas market.
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