By Abdulkareem Haruna

In response to escalating domestic prices of Liquefied Petroleum Gas (LPG), also known as cooking gas, the Federal Government has initiated moves to stabilize supply and pricing of the product, signaling potential relief for consumers.

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), has intervened as the cost of LPG per kg has surged from approximately N700 to over N1,100 in certain regions. This action follows mounting concerns about the affordability of this essential household commodity.

A meeting to address the issue was recently convened by Ekpo at the Nigerian National Petroleum Corporation (NNPC) Towers in Abuja. Attendees included top-ranking executives from Chevron Nigeria Limited, led by Sansay Narasimi, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), headed by CEO Farouk Ahmed, and the Nigerian National Petroleum Corporation Limited.

Key challenges identified in the meeting contributing to the LPG price hike include the difficulties in securing forex for imports and an insufficient domestic supply from producers.

In his remarks, Ekpo voiced President Bola Tinubu’s concerns over the skyrocketing price of cooking gas, spotlighting the resulting strain on most Nigerian citizens. He criticized multinational firms’ focus on gas exports while neglecting the domestic market, despite Nigeria’s substantial gas reserves.

To address this, Ekpo underscored the Federal Government’s role in intervening to mitigate the escalating LPG prices, considering the challenges of importation and exportation. Consequently, a committee has been formed to propose strategies within a week to boost supplies and deflate LPG prices.

“With the exponential increase in the price of LPG, Federal Government intervention is imperative, and I am championing this cause,” Ekpo stated.