The Federal Government has started a procedure to address issues pertaining to the availability and cost of Liquefied Petroleum Gas (also known as cooking gas) in the nation’s domestic market.
According to a statement from Louis Ibah, the minister’s spokesman, Ekperikpe Ekpo, the minister became involved in the matter when the price of LPG per kilogramme increased in certain regions of the nation, from roughly N700 to more than N1,100.
He said that high-ranking representatives from Chevron Nigeria Limited, led by Sansay Narasimi, the Nigerian National Petroleum Corporation Limited, and the Nigerian Midstream Downstream Petroleum Regulatory Authority, led by Farouk Ahmed, were present at the meeting called by the minister and held at the NNPC Towers in Abuja.
According to OBASANJONEWS24, two major issues that have been linked to the rise in LPG prices are the lack of supply from producers to the domestic market and foreign exchange sourcing for imports.
President Bola Tinubu’s worries on the dramatic rise in cooking gas prices and the resulting hardship experienced by the bulk of the populace were conveyed by Ekpo.
The minister, who pointed out that Nigeria had an abundance of gas reserves, said it was unacceptable and ought to be discouraged that some global companies were more focused on exporting gas than investing large amounts in the local market.
“The Federal Government needs to intervene due to the exponential increase in LPG prices, and I am here to represent this,” he declared.
“We recognise that while we face the difficulties of imports, other producers are exporting.
“The government’s first concern worldwide is the public interest, and as December draws near, the demand for LPG will rise.You have a public service duty to work with the government to guarantee the security of the gas supply; as a result, we must go back and find answers to guarantee that the country has an adequate supply, maintains stability, and provides gas to Nigerians.
The minister then established a committee and gave it a week to produce recommendations on how to increase supply and lower LPG prices.
