Friday, 23 February 2024 04:48

FG mulls halting cooking gas exports to end scarcity, crash price

Rate this item
(0 votes)

Federal government has announced the suspension of liquefied petroleum gas (LPG) exports.

Ekperikpe Ekpo, minister of state for petroleum resources (gas) made this known on Thursday during an “Internal Stakeholders’ Workshop” in Abuja.

He said the action is part of a deliberate attempt to increase the availability of LPG in the domestic market and lessen the financial strain on customers due to the hike in the price of the commodity.

“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. When this is done, the volume will increase and of course, the price will automatically crash,” he said. 

“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.”

The minister underlined the need for banning the export of domestically manufactured LPG, saying the entire production will be utilised within the country.

He said the expected increase in the volume available for the domestic market and price reductions would bring relief to customers struggling with the high cost of cooking gas.

The development comes amid a rise in the price of the product.

According to the National Bureau of Statistics (NBS), the average retail price for refilling a 12.5kg cylinder of LPG increased by 0.28 percent on a month-on-month basis from N10,248.97 in December 2022 to N10,277.17 in January 2023.

Currently, the 12.5kg sells for between N15,000 and N16,000.

 

The Cable/NewsScroll

July 01, 2025

Nigerian stock market soars with N13.2trn windfall for investors in Half 1, 2025

Nigeria’s equity markets delivered exceptional performance in the first six months of 2025, generating massive…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
July 01, 2025

The biggest communication mistake many people make

Maybe it's the Gen Z in me, but I’m not a fan of corporate jargon.…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 30, 2025

Bandits strike again in Benue, kill four policemen in fresh attacks

Armed bandits on Sunday launched another deadly assault on Benue State, killing at least four…
July 01, 2025

Here’s the latest as Israel-Hamas war enters Day 634

Israel strikes pound Gaza, killing 60, ahead of US talks on ceasefire Israeli strikes killed…
June 30, 2025

The computer-science bubble is bursting

Rose Horowitch The job of the future might already be past its prime. For years,…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.