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Nigerian Govt Halts Export Of Cooking Gas
The Nigerian Government has announced its decision to halt the export of domestically produced cooking gas.
This, according to the government, is in order to prioritize supply for local consumption, with effect from November 1, 2024.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made this known in Abuja on Tuesday via a statement signed by his spokesperson, Louis Ibah.
He said this initiative is set to be implemented starting November 1, 2024.
Ibah emphasized that the decision was made following a crucial high-level meeting in Abuja, where the minister gathered key stakeholders to discuss the soaring prices and the resulting difficulties faced by Nigerians.
He said, “With effect from November 1, 2024, NNPCL and LPG producers are to stop exporting LPG produced in the country or import equivalent volumes of LPG exported at cost-reflective prices.”
In terms of the pricing framework, he directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to meet with stakeholders to derive the pricing framework within 90 days.
“Pricing Framework: NMDPRA will engage stakeholders to create a domestic LPG pricing framework within 90 days, indexing price to the cost of in-country production, rather than the current practice of indexing against external markets, such as those in the Americas and Far East Asia, whereas the commodity is produced in-country and the Nigerian people are required to pay a much higher price for an essential commodity with which the country is naturally endowed.”
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