In response to the growing cost of liquefied petroleum gas (LPG), which has risen from roughly N700 to over N1000 in certain regions of the nation, the federal government has stepped in through Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
The minister’s spokesperson, Louis Ibah, made this revelation.
Ibah claims that the minister called a meeting that was recently held at the NNPC Towers in Abuja. Leading representatives from the Nigerian National Petroleum Corporation Limited, the Nigerian Midstream Downstream Petroleum Regulatory Authority, headed by Farouk Ahmed, the organization’s chief executive officer, and Chevron Nigeria Limited, led by Sansay Narasimi, were present at the meeting.
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The minister voiced concerns at the meeting regarding the exponential rise in the price of LPG.
He stated, “With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene, and I am representing this at this moment.”
He recognised the difficulties brought about by certain manufacturers exporting while the nation struggles with imports.
He stressed that cooperation with the government is necessary to guarantee the security of the gas supply, particularly since it is anticipated that demand for LPG will rise as December draws near.
“Public interest is the overriding interest all over the world for the government… You have a public service obligation to collaborate with the government to ensure the security of gas supply; we need to therefore bend backwards and find solutions to ensure that we have sufficient supply and stability in-country and that Nigerians have gas,” the minister said.
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The minister responded to the issue by forming a committee, whose task it was to identify ways to increase supply and drive down LPG costs in less than a week.
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