BREAKING NEWS: “Price Will Crash”: FG Speaks as Cost of Cooking Gas Increases by 38% to N14,150

The cost of cooking gas, also known as Liquefied Petroleum Gas (LPG), has increased to N14,150 for a 12.5 kilogram, representing a 38% year-on-year increase from the N10,323.33 it sold in April of the previous year....READ FULL ARTICLE

This occurred at the same time that the cost of aviation fuel increased by 33%, from approximately N1,000 to N1,300 and N1,500 per litre on the domestic market during that time.

According to a Vanguard report, the cost of 5kg of gas rose by 37% during that time, from N4,642.27 to N5,700. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), President Oladapo Olatunbosun, stated in an interview that cooking gas prices will rise as long as the foreign exchange crisis persists.

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He said:

“It is expected that when the foreign exchange increases, the price of LPG will follow suit because it is still priced and determined by the flow of foreign exchange.”

The Minister of Petroleum (Gas), Ekperikpe Ekpo, stated that low production and growing prices have continued to drive Nigerians away from using cooking gas, even despite the government’s push to make gas a transition fuel and the announcement of the decade of gas.

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He stated that one aspect of this is the federal government’s demonstration, which includes removing all taxes and levies connected to the importation of equipment related to gas, which is seen as a significant incentive.

He added:

“We are interacting with the critical stakeholders to ensure that there is no exportation of cooking gas. All cooking gas 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.

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He guaranteed that he would maintain regular contact with gas producers, such as Mobil, Chevron, and Shell, as well as the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, since meetings are held nearly daily.

Further investigation revealed that many homes, particularly in rural and suburban regions outside of cities, have started using firewood more frequently, contributing to the country’s deforestation....READ FULL ARTICLE

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