Minister of State, Petroleum Resources, Gas, Mr Ekperikpe Ekpo, has appealed to marketers, distributors, and all stakeholders along the LPG value chain to be patriotic in their dealings and desist from hoarding and exploiting consumers for profit.
The minister in a statement noted that although the LPG market was deregulated, to ensure compliance, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had been mandated to intensify monitoring of LPG depots across the country to prevent product hoarding and other sharp practices capable of worsening the current situation.
Ekpo, expressed concern over the recent increase in the price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, which has risen from between N1,000 and N1,000–N1,100 per kilogram to as high as N1,500–N1,700 per kilogram in some parts of the country.
The recent price surge is due to the industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the Dangote Refinery, which temporarily halted LPG loading.
He also identified the ongoing maintenance activities at the Nigeria LNG Train 4 facility, which reduced the volume of LPG available in the domestic market.
“These disruptions led to a shortfall in supply and a consequent increase in prices due to demand–supply imbalance.”
“Operations at the Dangote Refinery have now resumed, with loading of LPG to the domestic market already underway. Similarly, the Bonny River Terminal operated by Seplat Energy has commenced loading, while the Nigeria LNG is gradually restoring normal operations as maintenance nears completion.”
“With these developments, supply to the domestic market is expected to stabilise by next week, leading to a gradual reduction in prices.”
Mr Ekpo reassured Nigerians that the Federal Government remained committed to ensuring sufficient and affordable gas supply to all households across the country.
RN
