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FG raises committee to crash cooking gas price

The federal government has expressed concerns over the high cost of cooking gas and has constituted a committee to bring down the price within a…

The federal government has expressed concerns over the high cost of cooking gas and has constituted a committee to bring down the price within a week and address supply constraints.

The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo has waded into the challenges bordering on the supply as well as the pricing of Liquefied Petroleum Gas (LPG) in the country’s domestic market.

According to Ekpo’s media, Louis Ibah, the intervention on LPG (better known as cooking gas) follows the rise in recent months in the price of LPG per kg from about N700 to above N900 in some parts of the country.

Our correspondent reports that the price even crossed over N1200 per kg in some states.

Ibah, in a statement, said key challenges identified as responsible for LPG price increase include FX sourcing for imports and insufficient supply to the domestic market by producers.

The meeting, at the instance of the minister, was held at the NNPC Towers Abuja and had in attendance top officials of Chevron Nigeria Limited led by Sansay Narasimi; Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) led by its Chief Executive Officer, Farouk Ahmed and the NNPCL.

The minister who noted that Nigeria is abundantly endowed with gas reserves, said the situation where some of the multinational firms were more concerned with gas exports without dedicating huge volumes to the domestic market was unacceptable and should be discouraged.

The gas minister thereafter constituted a committee headed by the NMDPRA boss with a mandate to come up with recommendations on how to boost supplies and crash LPG prices within a week.

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