- The price of Liquefied Petroleum Gas, popularly called cooking gas, has dropped significantly across the country
- This follows the federal government’s decision to ban the export of the product to other countries
- Marketers have praised the federal government’s decision, linking it to the current price of cooking gas
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has confirmed a 40% fall in cooking gas prices.
Oladapo Olatunbosun, the association’s national president, disclosed this during the group’s visit to the minister of state petroleum resources (Gas), Ekperikpe Ekpo, in Abuja on Wednesday, June 5.
Photo credit: Bloomberg/Contributor
Source: Getty Images
Olatunbosun revealed that the cost of the commodity has dropped from about N1,500 per kilogram to around N900/kg.
He added that marketers now buy a 20-metric-tonne container for N15 million, down from the previous price of N20 million, Punch reports.
Why cooking gas prices dropped
Olatunbosun, in a statement issued by Louis Ibah, his media aide, credited the price drop to the federal government’s decision to ban the exportation of the product and mandate that all domestically produced LPG remain within the country.
He said the policy has reduced and stabilised the product’s price in the domestic market.
Olatunbosun was quoted as saying:
“We appreciate that during our discussion, you (Ekpo) promised to address the issue of exporting LPG amidst inadequate supply and soaring prices, and you have indeed taken steps to fulfill that promise.
“Today, we express our gratitude because the ban on LPG exports has significantly impacted the market, and consumers can attest to this.
“People who had abandoned their gas cylinders due to the price hike are returning, and we are confident that as the naira strengthens, consumers will benefit from even better LPG prices.”
FG responds to cooking gas dealers
Reacting to the development, the minister of state for petroleum resources, Ekpo, reiterated President Bola Tinubu’s commitment to expanding gas usage across the country.
Ekpo praised the marketers for their cooperation in reducing prices to reflect current realities following the ban on LPG exports.
Driver buys cheap CNG
In a related story, a driver who drove a CNG-powered bus was seen at a filling station buying gas for the vehicle.
The man, seen at a NIPCO filling station, opted for CNG instead of the regular premium motor spirit.
Using CNG fuel could be cheaper, as a man posted another video showing him filling a car cylinder for only N1900.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
Source: Legit.ng
