Economic Security: FG Stops Export Of Cooking Gas To Reduce Price

The federal government has announced the suspension of liquefied petroleum gas (LPG) exports. Ekperikpe Ekpo, minister of state for petroleum resources (gas) made this known on Thursday during an “Internal Stakeholders' Workshop” in Abuja.

Liquefied petroleum gas, or cooking gas, is becoming scarcer and more expensive in the nation. To combat these issues, the federal government declared on Thursday, February 23, that it would no longer be exporting the gas.

Breaking the news to reporters at the “Internal Stakeholders' Workshop” in Abuja was Petroleum Resources Minister of State Ekperikpe Ekpo.

The workshop is centered around the theme of “Using Nigeria's Proven Gas Reserves for Economic Growth and Development.”

When asked about the steps the government has taken to curb the escalating cost of domestic gas, he responded that the ministry is in constant communication with key players, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators like Mobil, Chevron, and Shell, to find solutions.

He clarified that when domestic gas production stops being exported, there will be an increase in supply for the home market, which will naturally drive down the price of the product.

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His words: “We are interacting with critical stakeholders to ensure that there is no exportation of LPG.

“All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and of course, the price will automatically crash.

“I am in contact with the regulation, NMDPRA, we hold meetings almost on daily basis, and the producers such as Mobil, Chevron, and Shell. So there is that hope that things will turn around. We don't need to make noise about it.”