Friday, 23 February 2024 04:48

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

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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

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