The Federal Government has held an emergency meeting with key stakeholders to address the recent increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.
The meeting brought together government officials, regulators, producers, marketers, terminal operators and industry associations to discuss the causes of the rising prices and possible solutions.
Permanent Secretary of the Ministry of Petroleum Resources, Patience Oyekunle, described LPG as an important source of energy for households and a key component of Nigeria’s energy transition plan.
She said the rising cost of cooking gas was placing more financial pressure on families and increasing the prices of essential goods.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said President Bola Tinubu was concerned about the impact of the rising cost of cooking gas on Nigerians.
According to him, the President has directed relevant agencies to take proactive steps to tackle the situation.
Ekpo added that increasing supply alone would not be enough, stressing that efficient logistics, better infrastructure and transparent pricing were also necessary to ensure consumers benefit from government efforts.
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, identified high landing costs as one of the major reasons for the increase in LPG prices.
However, Umar expressed confidence that ongoing efforts across the industry would help reduce pressure on the market in the coming weeks.
He said the authority is working closely with producers and other stakeholders to boost local supply, strengthen market monitoring and improve the availability of cooking gas across the country.
