Dealers excited over crash in price of cooking gas

Dealers in Liquefied Petroleum Gas popularly known as cooking gas have expressed satisfaction over the fall in the price of the product.

The dealers under the aegis of
Nigerian Association of Liquefied Petroleum Gas Marketers, said the ban by the Federal Government of the export of LPG was what led to the reduction in price from N1,500 per kilometre to N900.

The National President, NALPGAM, Oladapo Olatunbosun who was speaking at a meeting with the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the FG’s policy of domestication of LPG stabilised its price in Nigeria.

Olatunbosun, as reported in a statement issued by the minister’s media aide, Louis Ibah, said: “We appreciate the fact that at the parley with us you (Ekpo) promised that the issue of exporting LPG in the face of inadequate supply and soar in prices will be addressed, and indeed you have taken steps to walk the talk.

“Today we say thank you because the ban on LPG export has made a lot of changes in the market and consumers can testify to this.

“People who abandoned their gas cylinders due to price hike are coming back and we are confident that by the time the naira gains more weight, consumers will enjoy better price of LPG.”

The statement also quoted Ekpo as saying to the marketers: “We would not have gone that far without your cooperation and support. We are working towards ensuring that our vast gas resources are available domestically at the right price for the public in line with President Bola Tinubu’s aspiration for the sector and economy,”

“With the issue of gas, you have seen the demonstration of the Federal Government by withdrawing all taxes and levies from the importation of gas-related equipment. It is a big incentive.

“On the issue of LPG (cooking gas), we are interacting with the critical sectors 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’m in contact with the regulator, NMDPRA, we have meetings almost daily with the producers of the gas like Mobil, Chevron and Shell. So there is that hope that things will turn around.

“And that is also why we are having this engagement to know exactly what the problems are so that we can address them once and for all.”

Source: PM News

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