The Federal Government has announced a halt on the export of locally sourced Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, in order to prioritize domestic supply.
This directive was revealed by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday, with the implementation set to begin on November 1, 2024. The move aims to combat the rising gas prices in Nigeria. The announcement was made in a statement by the minister’s spokesperson, Louis Ibah, in Abuja.
According to The PUNCH, the price of cooking gas surged from N700 per kilogram in June 2023, around the time President Bola Tinubu took office, to N1,500 per kilogram in October 2024. This marks an increase of approximately 114 percent over 16 months.
In response to the soaring cooking gas prices, the minister had previously established a high-level committee in November 2023, chaired by NMDPRA Chief Executive Farouk Ahmed, which included key stakeholders from the LPG value chain.
Despite these efforts, gas prices have continued to fluctuate, recently jumping to N1,500 from an average of N1,100 to N1,250 per kilogram. In a new directive aimed at curbing costs, the minister outlined both short-term and long-term objectives.
He stated, “Starting November 1, 2024, NNPCL and LPG producers must cease the export of locally produced LPG or import equivalent volumes at prices that reflect actual costs.”
Regarding the pricing structure, he instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to engage with stakeholders and establish a new pricing framework within 90 days.
The statement emphasized, “Pricing Framework: NMDPRA will work with stakeholders to create a domestic LPG pricing system that reflects the cost of local production, instead of relying on external market prices from regions like the Americas and Far East Asia, especially since the commodity is produced domestically and Nigerians are forced to pay significantly higher prices for an essential resource the country has in abundance.”
For a long-term solution, the statement indicated that within a year, facilities will be developed to blend, store, and distribute LPG, putting an end to exports until the market reaches a point of sufficiency and price stability. The minister conveyed his serious concerns regarding the ongoing rise in the price of Liquefied Petroleum Gas, popularly known as cooking gas in Nigeria.
Ekpo’s directives represent a significant step toward addressing the challenges facing the industry and ensuring that Nigerians have access to affordable cooking gas.
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