The Federal Government of Nigeria has declared the immediate suspension of Liquefied Petroleum Gas (LPG) exports in an attempt to slow down the rising cost of cooking gas. Minister of state for petroleum resources Ekperikpe Ekpo made the announcement during an “Internal Stakeholders’ Workshop” in Abuja.
He explained that the action is a part of a strategic effort to increase LPG availability within the domestic market, to lessen the financial burden on consumers due to rising prices.
According to Ekpo, talks are still going on with important parties including the Nigerian Midstream and Downstream Petroleum Regulatory Authority and big players like Mobil, Chevron, and Shell. He claims that the talks are intended to provide a more stable and reasonably priced of cooking gas market as well as cooperatively solve customer challenges.
The minister emphasized how crucial it is to stop exporting locally manufactured LPG, with the goal of maintaining all production domestically. The government hopes to boost the amount of cooking gas available for the domestic market, which might result in lower pricing and help people who are struggling with the high cost of gas.
Nigerians are feeling the heat from their stoves as well as their wallets since early this month, the price of cooking gas, or liquefied petroleum gas, shot up to N1,300 per kilogram.
This sudden increase—which came from less than N500 in 2018—shook homes all throughout the country and put further strain on an already overburdened populace.