In a bid to reduce the skyrocketing prices of cooking gas in Nigeria, the federal government has implemented a ban on the exportation of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.
This decision was announced by the Honourable Minister of Petroleum (Gas), Mr. Ekperikpe Ekpo, during the ‘Internal Stakeholders’ workshop held on Thursday, February 22, 2024, in Abuja.
The ban comes amidst reports of escalating prices, with a 12.5kg cooking gas cylinder reaching as high as N17,000 to N18,000, compared to N9,000 just a few months ago. Mr. Ekpo emphasised the need to increase domestic supply by halting exports, thereby ensuring a higher volume available for the local market, which is expected to drive down prices.
The government is actively engaging with stakeholders such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major gas producers like Mobil, Chevron, and Shell, to address the issue. The move is part of broader efforts to harness Nigeria’s gas reserves for economic growth and development.
The ban on cooking gas exportation aims to alleviate the burden on consumers and curb the unjustifiable price hikes attributed to terminal owners taking advantage of external factors like foreign exchange rates. By prioritising domestic supply, the government seeks to stabilise prices and ensure accessibility of cooking gas for households across the country.
