Crash In Cooking Gas Prices Expected - FEDERAL GOVERNMENT

The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, has recently ignited hopes of a significant drop in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas. Speaking at a gathering in the Abak local government area of Akwa Ibom State, Ekpo attributed the surging prices to the exportation of LPG and assured that measures are underway to bring the prices down to affordable levels for every Nigerian household.

During the event attended by elders, stakeholders, and youths, Ekpo revealed that the Federal Government has devised strategies to reduce the cost of cooking gas. He emphasized the government's commitment to enhancing the availability of LPG to power-generating companies and households alike.

Ekpo stated, “The Federal Government aims to alleviate the high cost of cooking gas by boosting its circulation within the country. We are actively promoting the establishment of gas plants across various regions, a move that is already in progress."

He further explained that the current price surge is primarily due to scarcity caused by exportation. The high demand has also enabled local dealers to capitalize on the situation by selling at inflated prices.

To address this issue, Ekpo highlighted the role of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in gas price regulation. He said, “We are intensifying efforts through NMDPRA to stabilize the market. Nigeria’s standard blending ratio for LPG is 40:60 (propane and butane). However, some companies produce and blend gas to different ratios, which doesn't meet our requirements."

Taking action, the ministry recently engaged with International Oil Companies (IOCs), urging them to cease LPG exports. Ekpo added, “We are also exploring options for a blending plant to produce LPG according to our specifications."

Ekpo reassured that these initiatives will contribute to establishing a standardized and affordable pricing regime for cooking gas. He concluded optimistically, “By halting the exportation of gas by independent producers, we anticipate a significant reduction in prices, making LPG accessible to all Nigerians at minimal costs."

We at LPG IN NIGERIA also find through our survey, that the prices of cooking gas have fallen this month of May and as such we will love to hear your opinion on the current state of cooking gas prices.

SOURCE: LEADERSHIP NEWS

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Oluwabukola Jimoh

Oluwabukola Jimoh is a dynamic academic writer and captivating energy blogger. She is able to delve into intricate subjects with an insatiable thirst for knowledge, crafting thought-provoking essays that engage and enlighten her readers.