In a bid to alleviate the scarcity and surging prices of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, the Federal Government announced a significant measure on Thursday, February 23.
The Minister of State, Petroleum Resources, Ekperikpe Ekpo, shared this development during the "Internal Stakeholders’ Workshop" held in Abuja under the theme "Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development."
Ekperikpe Ekpo revealed that the government has implemented a halt to the exportation of LPG, aiming to prioritize the domestic market and ensure a steady supply of cooking gas within the country. This move is part of a comprehensive strategy to tackle the rising costs of domestic gas, which have become a concern for many households.
During the workshop, when asked about the government's actions to control the increasing cost of domestic gas, Ekperikpe Ekpo highlighted ongoing discussions with key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators such as Mobil, Chevron, and Shell.
The minister emphasized the significance of stopping the export of locally produced domestic gas, stating that this decision would result in an increased volume available for the domestic market. The expected outcome is a subsequent reduction in the price of cooking gas, offering relief to consumers grappling with soaring costs.
Ekperikpe Ekpo stated, "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. And when this is done, the volume will increase and, of course, the price will automatically crash."
He reassured the public that efforts are underway to address the challenges, with constant engagements and meetings with regulatory bodies and major producers. The government's proactive approach aims to create a sustainable solution without the need for public outcry.
As the Federal Government takes these steps to stabilize the LPG market, there is optimism that these measures will contribute to a more accessible and affordable supply of cooking gas for households across the country.
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