In a bid to alleviate the scarcity and soaring prices of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, the Federal Government has announced the cessation of its exportation.
The disclosure was made by the Minister of State for Petroleum Resources, Ekperikpe Ekpo, during the “Internal Stakeholders’ Workshop” held in Abuja, centered on “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development.”
Addressing concerns about the escalating cost of domestic gas, Ekpo stated that ongoing discussions with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators like Mobil, Chevron, and Shell, are underway to tackle the issue.
Emphasizing the necessity of retaining domestically produced LPG, Ekpo highlighted that curbing exports would bolster the volume available for the local market, leading to a natural reduction in prices.
“We are engaging with critical stakeholders to enforce the cessation of LPG exports. All domestically produced LPG will be directed for domestic use, thereby bolstering volume and driving prices down,” Ekpo stated.
Assuring continued collaboration with regulatory bodies and industry players, Ekpo expressed optimism about the prospective turnaround, affirming, “We are actively engaging with NMDPRA and industry producers. There’s a promising outlook for change, without the need for undue clamor.”
Further updates to follow…
