• Thursday, February 29, 2024
businessday logo


FG eyes measure to tame rising cooking gas prices

FG mulls ban on exportation of LPG to crash prices

The Federal Government has met with key stakeholders in the industry to find ways to lower the rising cost of Liquefied Petroleum Gas (LPG), popularly known as cooking gas.

The price of cooking gas recently skyrocketed to N1,300 per kilogramme, a huge increase from less than N500 in 2018.

Read also: Nigerians grumble as cooking gas price hits N1,300/KG

At the stakeholder consultation meeting in Abuja, Ekperikpe Ekpo, minister of state for petroleum resources (Gas), said he plans to reduce the cost of cooking gas and prioritise its adoption and penetration.

Ekpo said this was to ensure that the product becomes more widely available, reasonably priced, and accessible for the general public.

He said, “The energy landscape is evolving rapidly, and the decisions we make today will profoundly impact generations to come. 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.”

Ekpo said he will intensify efforts to increase upstream gas production, to bridge the significant gas supply gaps which continue to hamper the strategic economic sectors.

“We will prioritise the domestication and penetration of LPG and implement measures to significantly reduce the price of cooking gas for our people, ensuring it becomes more accessible, available, and affordable for our citizens”.

Read also: Three states where cooking gas prices was cheaper in December

“I am confident that the discussions and deliberations over the course of this engagement will not only lead to developing a comprehensive roadmap but will also strengthen the bonds between the public and private sectors,” he added.