Tinubu government intervenes to address soaring cooking gas prices

Tinubu government intervenes to address soaring cooking gas prices


The federal government intervened to address the soaring prices of cooking gas in the country.

Oil (Gas) Minister Ekperikpe Ekpo told producers that the country must find ways to overcome challenges in the domestic market.

He further called on International Oil Companies (IOCs) and other producers to meet their domestic obligations to Nigerians before exporting their products.

He said President Bola Tinubu was concerned about how affordable and unaffordable gas was becoming for Nigerian households.

A statement signed by the minister’s press secretary Rui Iba said the intervention was in response to product prices in recent months.

Cooking gas currently sells for about N700 to over N900 per kilogram in some parts of the country.

Ekpo said the main challenges identified as contributing to the rise in LPG prices include foreign exchange sourcing during imports and producers’ lack of supply to the domestic market.

The meeting was held at the NNPC Towers at the request of the Minister and was attended by executives of Chevron Nigeria Limited led by Mr. Sansayi Narasimi.

Others include officials from the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), led by CEO Farouk Ahmed, and the Nigerian National Petroleum Corporation (NNPC).

“Mr Ekpo expressed President Bola Tinubu’s concern over the astronomical rise in cooking gas prices and the attendant hardships of the majority of the population,” the statement added.

Source: dailypost.ng

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