THE NATION
The Federal Government has stopped export of locally produced Liquefied Petroleum Gas (LPG) also known as cooking gas.
The measure is to mitigate the price of the gas that has been soaring steadily.
Minister of State Petroleum Resources (Gas) Ekperikpe Ekpo, said “Short Term Solution: With effect from November 1, 2024, NNPCL and LPG producers are to stop exporting LPG produced in-country, or import equivalent volumes of LPG exported at cost reflective prices.”
Ekpo convened a meeting in Abuja with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians.
This was contained in a statement by spokesman of the Minister Louis Iba.
In terms of the pricing framework, he directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to meet with stakeholders to derive the pricing framework within 90 days.
The statement reads: “Pricing Framework: NMDPRA will engage stakeholders to create a domestic LPG pricing framework within 90 days, indexing price to cost of in-country production, rather than the current practice of indexing against external markets, such as the Americas and Far East Asia, whereas the commodity is produced in-country and the Nigerian people are required to pay much higher price for an essential commodity the country is naturally endowed with.”
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