, must cease exporting local LPG, according to Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.){kind=link}
In a decisive move to combat soaring cooking gas prices, the Federal Government has halted the export of domestically produced Liquefied Petroleum Gas (LPG).
Starting November 1, 2024, all gas producers, including the Nigerian National Petroleum Company Limited (NNPCL), must cease exporting local LPG, according to Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
Announced in a statement by the minister’s spokesperson, Louis Ibah, the new measure aims to prioritize domestic supply and alleviate the financial burden on Nigerians struggling with high gas prices. The move comes after a critical meeting with key stakeholders in Abuja to address the escalating costs.
Ekpo explained that gas producers who continue to export must import an equivalent volume at cost-reflective prices. In addition, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been tasked with establishing a new domestic pricing framework within 90 days, ensuring prices reflect the cost of local production, not international market trends.
This bold step is seen as a game-changer in stabilizing gas prices for millions of households nationwide.
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