Nigerian government has announced an immediate solution to the crash in the price of liquefied petroleum gas, also known as the cooking gas price, nationwide.
Rabiu Umar, the chief executive of the Nigerian Midstream and Downstream Petroleum Authority, NMDPRA, in a recent meeting with stakeholders, announced targeted imports as the immediate solution to bring down the rising prices of LPG.
According to him, import would help close the existing supply gap.
He also noted that the country needs to expand LPG storage, terminal, and distribution facilities across the country to address scarcity.
“Imports represent the only immediate option for filling the gap created in supply, aside from the prospect of MT supply from Anoh,” he stated.
“We must expand LPG storage, terminal, and distribution infrastructure nationwide and increase domestic LPG production through accelerated gas processing projects as well as prioritize domestic LPG supply obligations by gas producers,” he added.
Umar further noted that the N2100 per liter price of cooking gas is not cost-effective but rather market-induced due to supply shortages.
This comes as cooking gas prices surged by 75 percent in the last weeks to as high as N2,100 per liter from N1,200 in Abuja.
The LPG price hike had pushed many Nigerians to the use of firewood and other cheaper alternatives.
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