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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.
