The price of liquefied petroleum gas (LPG), commonly known as cooking gas, has experienced a remarkable drop in Nigeria.
This reduction comes as a direct consequence of the Federal Government’s ban on the export of LPG, a move aimed at bolstering domestic availability and stabilizing prices.
Prior to the export ban, cooking gas prices had soared to approximately N1,500 per kilogram, burdening consumers across the nation.
However, following the ban’s implementation, LPG dealers reported a considerable decrease, with prices now hovering around N900 per kilogram, marking a notable relief for households and businesses reliant on this essential energy source.
The decision to halt the exportation of LPG was announced on February 22, 2024, by the Federal Government in response to escalating costs and concerns about insufficient supply within the domestic market.
The ban was envisioned as a strategic measure to channel more of the produced LPG into the local economy, thereby fostering price stability and accessibility for consumers.
During a recent engagement between cooking gas dealers, represented by the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja, stakeholders lauded the government’s initiative for its positive impact on the market.
Oladapo Olatunbosun, the National President of NALPGAM, expressed gratitude to the Minister for his proactive approach in enforcing the ban and ensuring the domestication of LPG production.
He emphasized that the policy intervention had yielded tangible results, culminating in a significant reduction in the cost of cooking gas.
According to Olatunbosun, the ban on LPG exports had prompted a swift transformation in the market dynamics.
Previously, the inflated prices had led to widespread consumer distress, prompting some to abandon the use of cooking gas altogether.
However, with the recent price adjustments, many consumers are now returning to utilize this cleaner and more efficient energy source.
In response to the stakeholders’ commendations, Minister Ekpo underscored the government’s commitment to enhancing gas penetration across Nigeria.
He highlighted President Bola Tinubu’s dedication to leveraging the country’s abundant gas resources for the benefit of its citizens and the economy.
The Minister acknowledged the collaborative efforts of LPG marketers in facilitating the reduction of cooking gas prices and assured them of ongoing government support in fostering a conducive environment for the gas sector’s growth and sustainability.
