The Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has expressed his deep concerns about the persistent rise in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, despite previous efforts to cushion this ugly trend.

According to the Minister, the establishment of a high-level committee led by Mr. Farouk Ahmed, the Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) was previously instituted to address the issues.

The Hon. Disclosed his dissatisfaction with the current LPG prices despite these measures. Gas prices have continued to fluctuate, recently reaching N1,500 per kg from an average of N1,100–N1,250.

“On Tuesday, I convened a meeting with key stakeholders in Abuja to address these price increases and the hardship they bring to Nigerians. I have now issued the following directives:

Short-Term Action:

Effective from November 1, 2024, NNPCL and LPG producers must halt exports of LPG produced in-country or import equivalent volumes at cost-reflective prices.

New Pricing Framework:

NMDPRA will engage stakeholders to create a domestic LPG pricing framework within 90 days, focusing on the cost of local production rather than external market indices like those from the Americas or Asia. It is unacceptable that Nigerians pay premium prices for a commodity that we produce in abundance.

Long-Term Plan:

Within 12 months, we will develop facilities to blend, store, and deliver LPG domestically. Exports will cease until the market achieves stability and sufficiency.

These measures are essential to improving LPG availability, stabilizing prices, and easing the economic burden on Nigerians. Our goal is to ensure that every Nigerian can access affordable cooking gas,” Hon. Ekperipe highlighted.