The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has acknowledged the rising prices of Liquefied Petroleum Gas, commonly known as cooking gas, in Nigeria. 

In a statement released by his spokesman, Louis Ibah, Ekpo expressed the concerns of President Bola Tinubu about the recent surge in LPG prices and the resulting hardship on the Nigerian populace.

The minister identified two primary factors contributing to the LPG price hike: difficulties in obtaining foreign exchange for imports and inadequate supply to the domestic market. He emphasized Nigeria’s abundant gas reserves and expressed disapproval of multinational firms prioritizing gas exports over allocating sufficient volumes to meet domestic demand.

Ekpo emphasized that multinational firms have a public service obligation to ensure security of gas supply within Nigeria. He urged these companies to collaborate with the government to find solutions that would guarantee adequate domestic supply, price stability, and access to gas for Nigerian citizens.

 “With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene and I am representing this at this moment. We acknowledge that some producers are exporting, while we are faced with the challenges of importation. Public interest is the overriding interest all over the world for government, the demand for LPG will increase as we approach December…you have a public service obligation to collaborate with government to ensure security of gas supply, we need to, therefore, bend backwards and find solutions to ensure that we have sufficient supply and stability in-country and that Nigerians have gas,” he said.

To address the LPG supply and pricing challenges, Ekpo established a committee tasked with providing recommendations within a week. The committee is expected to propose measures to enhance LPG availability and bring down prices.