The Nigerian Government has stopped the export of locally produced cooking gas (Liquefied Petroleum Gas) to boost domestic supply.
The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, announced on Tuesday that the new directive would begin on November 1, 2024, and would tackle the high price of cooking gas in Nigeria.
According to the statement by the spokesman of minister, Louis Ibah, the decision was reached after the minister convened a high-level meeting in Abuja with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians.
“With effect from November 1, 2024, NNPCL and LPG producers are to stop exporting LPG produced in-country or import equivalent volumes of LPG exported at cost-reflective prices,” he said.
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.
Offering a long-term solution, the statement added that within 12 months, facilities will be developed to blend, store, and deliver LPG, ending exports until the market achieves sufficiency and price stability.
GIK/APA