The Federal Government declared on Thursday, February 22, that it has implemented measures to curb the scarcity and the rising cost of Liquefied Petroleum Gas, commonly known as cooking gas, by putting a stop to its export.
Minister of State for Petroleum Resources, Ekperikpe Ekpo, shared this announcement during the “Internal Stakeholders’ Workshop” held in Abuja, focusing on “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development.”
Ekpo revealed that the Ministry is in constant discussions with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators such as Mobil, Chevron, and Shell, to address the challenges associated with the escalating prices of domestic gas.
He clarified that by halting the export of locally produced domestic gas, the volume available for the domestic market would increase, leading to an automatic reduction in the product’s price.
“We are interacting with critical stakeholders to ensure that there is no exportation of LPG. All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and, of course, the price will automatically crash,” Ekpo stated.
He further emphasized ongoing engagements with regulatory bodies and major producers, expressing optimism that these efforts would yield positive results, concluding, “I am in contact with the regulation, NMDPRA, we hold meetings almost on a daily basis, and the producers such as Mobil, Chevron, and Shell. So there is that hope that things will turn around. We don’t need to make noise about it.”
