The federal government has raised concerns about the exorbitant cost of cooking gas and has established a committee tasked with reducing the price within a week while addressing supply challenges,Daily Trust reports.
Ekperikpe Ekpo, the Minister of State Petroleum Resources (Gas), has intervened in the issues surrounding the supply and pricing of Liquefied Petroleum Gas (LPG) in the domestic market. The minister’s action comes in response to the recent surge in the price of LPG per kilogram, soaring from approximately N700 to over N900 in certain regions of the country. In some states, the price has even surpassed N1200 per kilogram.
According to Louis Ibah, the media spokesperson for Ekpo, the identified challenges contributing to the spike in LPG prices include difficulties in sourcing foreign exchange for imports and inadequate supply to the domestic market by producers.
A meeting convened at the NNPC Towers in Abuja, initiated by the minister, brought together key officials from Chevron Nigeria Limited, led by Sansay Narasimi, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), headed by CEO Farouk Ahmed, and the NNPCL.
Expressing dissatisfaction with multinational firms prioritizing gas exports over supplying the domestic market, Ekpo emphasized Nigeria’s abundant gas reserves. He deemed the situation unacceptable and urged a shift in focus. Consequently, the gas minister established a committee led by the CEO of NMDPRA, with a mandate to propose recommendations within a week on how to enhance supplies and reduce LPG prices.