The Federal Government has banned the export of cooking gas produced in Nigeria due to a hike in the price of the Liquefied Petroleum Gas.
Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas) who announced the ban during a meeting with key stakeholders in the LPG value chain to address the escalating prices and the hardship they impose on Nigerians.
Ekpo explained that the measures were aimed at boosting availability, ensuring affordability, and protecting Nigerians from the economic strain caused by hiking commodity prices.
He expressed concern over the rising cost of the commodity which has increased from an average of N1,100-N1,250 per kg to N1,525 per kg.
The minister announced the following directives: Short-Term Solution: Effective from November 1, 2024, the Nigerian National Petroleum Company Limited (NNPCL) and LPG producers are to halt the export of LPG produced in the country. If they continue exporting, they must import an equivalent volume at cost-reflective prices.
Pricing Framework: The NMDPRA will engage stakeholders within 90 days to create a domestic LPG pricing framework. The new framework will be indexed to the cost of in-country production, replacing the current system of using external market prices from regions like the Americas and Far East Asia.
Long-Term Solution: Over the next 12 months, the government plans to develop infrastructure for blending, storing, and distributing LPG, with the aim of halting exports until domestic supply is sufficient and prices stabilize.
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