The federal government of Nigeria has announced plans to halt the export of liquefied petroleum gas (LPG) produced within the country to bring down gas prices. Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, made this revelation during an Internal Stakeholders’ Workshop in Abuja.
Ekpo stated that domesticating all LPG produced within Nigeria would increase the volume available in the domestic market and subsequently lead to a reduction in prices.
He assured stakeholders of ongoing engagements with regulatory bodies and major LPG producers like Chevron, Mobil, and Shell to address challenges in the sector.
Additionally, discussions are underway regarding the conversion of vehicles to Compressed Natural Gas (CNG) to mitigate the impact of fuel subsidy removal, with further details to be provided in due course.
The workshop highlighted concerns from gas retailers regarding the soaring price of cooking gas, prompting calls for government intervention to ensure affordability and address challenges such as substandard gas cylinders.
The move comes amid reports of cooking gas prices rising to N1,400 per kg from N950 in January 2024.
