Nigeria Soon Halt, Import, Export of Cooking Gas to Crash Price and Improve Market Sufficiency
The Nigeria’s minister of state Petroleum Resources (Gas) Ekperikpe Ekpo, said with effect from November 1, this year both the NNPCL and LPG producers are to stop exporting liquified petroleum gas that is produced in Nigeria, or import equivalent volumes.
Ekpo spoke at convened meeting in Abuja with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians, in a move to mitigate the price of the gas that has been soaring steadily.
In terms of the pricing framework, he directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to meet with stakeholders to derive the pricing framework within 90 days.
He ordered for a long term solution, including providing within 12 months, facilities to develop, blend, store and deliver LPG to Nigerians thus ending exports and achieving market sufficiency and price stability.