Minister Pledges Significant Drop In Cooking Gas Price

The Minister of State for Petroleum (Gas), Obongemem Ekpo has expressed optimism about the potential for a significant decrease in the price of Liquefied Petroleum Gas (LPG), also called cooking gas in Nigeria.

Ekpo attributed the current high price of the product to its exportation beyond the country’s borders.

The Minister provided this assurance during a forum held with elders, stakeholders, and youths in Abak Local Government Area of Akwa Ibom State. He revealed that the Federal Government has devised strategies to significantly lower the price of gas to a more reasonable level.

In detailing the efforts undertaken by his ministry to decrease the cost of gas and improve its accessibility, especially for power generation companies, the former lawmaker emphasized the government’s intention to curtail the high cost of the product by enhancing its distribution within the country.

“This can be achieved through the establishment of gas plants at various parts of the country, which is what the Ministry is currently working on and advocating for.

“The reason for the current price hike is due to scarcity as a result of exportation. The high demand for it has also made the local dealers take advantage of the situation and sell at a higher rate.

“We are working seriously to arrest this situation through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is saddled with the responsibility of gas price fixing.

“Nigeria’s blending of LPG is 40:60 (propane and butane). But some companies produce and blend their gas to their specific blend like 50:50 or 30:70, which is not the blend that is needed here.

“So, recently, we convened a meeting with the International Oil Companies (IOCs), urging them to stop selling their gas (LPG) outside the country. We have moved a step further to look for a blending plant that would blend it to our specification,” Ekpo said.

He said with this in place, and as the ministry works round the clock towards establishing a standard price regime of cooking gas at minimal and affordable, cost to the local consumers will reduce.

Ekpo added that; “we have discussed how we can stop the export of gas by independent producers, and when we stop the export of gas, the price will come down.”

Send Us A Press Statement Advertise With Us Contact

 And For More Nigerian News Visit GWG.NG