FG Set to Crash Cooking Gas Price as Nigerians Lament N1,300/kg Cost
- The federal government has announced its collaboration with various stakeholders to develop strategies aimed at reducing the price of cooking gas in the country
- The minister of state for petroleum resources said the move will help make the product widely available to the general public
- He said Nigeria is yet to fully harness the full potential of its gas resources despite being an oil-rich nation
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market
The federal government has engaged in discussions with key stakeholders in the petroleum sector to formulate strategies aimed at substantially lowering the nationwide price of Liquefied Petroleum Gas (also known as cooking gas) and increasing its availability.
Source: Getty Images
This followed significant increase in the price of cooking gas from less than N500 per kilogram in 2018 to N1,300 in 2023. The development has left many lamenting the harsh economic realities in the country.
During the stakeholder consultation meeting in Abuja, Ekperikpe Ekpo, the minister of state for petroleum resources (Gas), announced his intention to lower the price of LPG in the nation and prioritise its uptake and reach.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Product to become more accessible
Ekpo said the partnership would help to guarantee that the product becomes more accessible, economically priced, and widely available to the general public.
He clarified that the stakeholders' involvement aimed to ensure that the nation's gas sector would have a prosperous and sustainable future by utilising the combined knowledge, expertise, and experiences of significant figures in the private sector.
He said:
“The energy landscape is evolving rapidly, and our decisions today will profoundly impact future generations. We must be strategic, innovative, and adaptable. This engagement provides us with an invaluable opportunity to gain insights into the diverse perspectives that shape our industry.
“As we embark on this journey, I assure you that the Office of the Honourable Minister of State for Petroleum Resources (Gas) is committed to developing an adaptable roadmap that reflects the collective intelligence of this gathering.”
Although Nigeria is one of the world's most gas-rich nations, he pointed out that the nation has not yet fully realised the potential of this "priceless resource".
The minister attributed this to various factors, including gas flaring, inadequate infrastructure, pricing concerns, gaps in policy and regulation, insufficient funding, environmental issues, the pressing need for a smooth energy transition, and the absence of a comprehensive gas development blueprint.
He added:
“I am confident that the discussions and deliberations throughout this engagement will not only lead to developing a comprehensive roadmap but will also strengthen the bonds between the public and private sectors.
"Together, we shall overcome challenges, unlock opportunities, and build a gas sector that stands the test of time and provides our Nation the platform to be the Regional industrial hub and powerhouse it is meant to be.”
Marketers identify cabal behind rising gas price
Legit.ng reported that cooking gas marketers under the Nigerian Association of Liquified Petroleum Gas Marketers (NALPGAM) accused the Liquified Petroleum Gas (LPG) terminal operators of causing the country's high cooking gas cost.
Oladapo Olatubosun, the association's president, disclosed this when they met the Senate Committee on Gas in the company of the group members on Monday, October 23, 2023.
The commodity's price recently increased to N1,200 per kilogram, with many Nigerians lamenting its high cost amid surging inflation and high living standards.
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
