In response to concerns over the supply and pricing of Liquefied Petroleum Gas (LPG) in the domestic market, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has taken steps to address the challenges affecting the industry.
The intervention comes on the heels of a notable increase in the price per kilogram of cooking gas, soaring from around N700 to above N900 in various parts of the country in recent months. Minister Ekpo highlighted the primary obstacles, citing difficulties in obtaining foreign exchange for imports and insufficient supply to the domestic market.
Expressing the concerns of President Bola Tinubu, Minister Ekpo, through his spokesperson Louis Ibah, emphasised the impact of the astronomical price increase on citizens, acknowledging the resulting hardship. He underscored the need for immediate intervention to alleviate the burden on the populace.
Minister Ekpo criticised multinational firms prioritising gas exports over allocating significant volumes for the domestic market, deeming this stance unacceptable. He pointed out Nigeria’s abundant gas reserves and urged collaboration to ensure the security of gas supply for the domestic market.
In his statement, Minister Ekpo said that with the exponential increase in the price of LPG, there is the need for the Federal Government to intervene, and he represented it at the point of speaking. Recognising the challenges of importation and the simultaneous exportation by some producers, he stressed the government’s commitment to public interest, especially as the demand for LPG is expected to rise approaching December.
To address these issues, Minister Ekpo established a committee tasked with providing recommendations within a week. The committee’s mandate is to find solutions that enhance gas supplies and reduce pricing, ensuring sufficient supply and stability within the country to meet the needs of Nigerians.