Would you like to receive notifications on latest updates of the following headlines?

Federal Government Suspends Lpg Exports To Tackle Rising Gas Prices

POSTED ON March 1, 2024 •   BUSINESS & ECONOMY      BY Oluwakemi Ademuyiwa

The Federal Government of Nigeria has taken a decisive action to address the soaring cost of cooking gas by announcing the immediate suspension of Liquefied Petroleum Gas (LPG) exports. 

The Minister of State for Petroleum Resources, Ekperikpe Ekpo made the announcement during an “Internal Stakeholders’ Workshop” in Abuja.

Ekpo noted that the move was aimed to bolster the availability of LPG in the domestic market and alleviate financial burdens on consumers.

He highlighted that discussions are ongoing with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators such as Mobil, Chevron, and Shell.

He added that the discussions seek to collaboratively tackle challenges faced by consumers and ensure a more stable and affordable cooking gas market.

The minister stressed the importance of halting the exportation of locally produced LPG to keep the entire production within the country.

He clearly stated that the strategic decision is expected to increase the volume available for the domestic market, potentially leading to a reduction in prices and providing relief to consumers grappling with high costs.

Report has gathered that Nigerians have been experiencing the impact of the surging prices, the price of LPG skyrocketed to N1,300 per kilogram earlier this month, up from less than N500 in 2018. This steep increase has added to the financial strain on households across the country.

The government's move to suspend LPG exports underscores its commitment to addressing the challenges faced by consumers and ensuring a more stable and affordable cooking gas market in Nigeria.

READ ALSO
Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara June 30, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...

READ ALSO
Nigeria's Public Debt Reaches N149.39 Trillion, Marking 22.8% Annual Increase
BY Abiodun Saheed Omodara June 28, 2025 0

As of March 31, 2025, Nigeria's total public debt reached N149.39 trillion, showing an annual increa...

READ ALSO
Dangote Decries Inconsistent Policies, Poor Power Supply as Barriers to Africa’s Industrial Growth
BY Abiodun Saheed Omodara June 27, 2025 0

Africa’s foremost industrialist and President of Dangote Industries Limited (DIL), Alhaji Alik...

READ ALSO
Transition of Tax Collection to NRS Announced, New VAT Sharing Begins January 1, 2026
BY Abiodun Saheed Omodara June 27, 2025 0

President Bola Tinubu signed four tax reform bills into law on Thursday, indicating Nigeria's commit...

READ ALSO
Afreximbank Advocates for Innovative Financing Structures in South–South Trade
BY Abiodun Saheed Omodara June 26, 2025 0

The President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedi...

READ ALSO
Tinubu Signs Four Tax Reform Bills to Transform Nigeria's Fiscal Framework
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria - President Bola Tinubu has enacted four tax reform bills that focus on crucial aspec...

READ ALSO
Tinubu to Sign Four Tax Reform Bills into Law Thursday
BY Abiodun Saheed Omodara June 26, 2025 0

President Bola Tinubu is set to sign four pivotal tax reform bills designed to revamp Nigeria's fisc...

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

OUR CHANNELS:

Reclaiming Gaddafi’s Pan-African Dream: Why His Vision Still Matters
BY Suleiman Jimoh July 2, 2025 0

Few remember that Muammar Gaddafi once dared to imagine an Africa unchained from foreign dictate. He...


Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara July 1, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...


Dangote Slash Petrol Price to N840 per Litre Amid Market Adjustments
BY Abiodun Saheed Omodara July 2, 2025 0

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit, commonly refe...


NEC Reinstates Anyanwu as PDP National Secretary Amid Internal Conflicts
BY Abiodun Saheed Omodara July 1, 2025 0

The 100th meeting of the National Executive Committee (NEC) of the People’s Democratic Party (...


APC Schedules NEC Meeting for July 24 Amid Leadership Changes
BY Abiodun Saheed Omodara July 1, 2025 0

ABUJA, Nigeria - The All Progressives Congress (APC) has scheduled its National Executive Committee...


PDP: Tensions Rise Ahead of 100th NEC Meeting Amid Factional Disputes
BY Abiodun Saheed Omodara July 1, 2025 0

As tensions escalate within the People’s Democratic Party regarding the National Secretary pos...


Sokoto,Kebbi PDP Ready to Join Coalition Against APC in 2027
BY Abiodun Saheed Omodara July 1, 2025 0

The state branches of the People’s Democratic Party (PDP) in Sokoto and Kebbi have expressed t...


UNIUYO Medical Lecturers Begin Indefinite Strike over VC appointment
BY Abiodun Saheed Omodara June 30, 2025 0

Medical lecturers at the University of Uyo, affiliated with the Medical and Dental Consultants Assoc...


Nigeria and Saint Lucia Unite for Mutual Growth
BY Abiodun Saheed Omodara July 1, 2025 0

President Bola Tinubu and Prime Minister Philip J. Pierre agreed on Sunday to establish formal diplo...


Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara July 2, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...


More Articles

Load more...

Menu