The Federal Government has convened an emergency stakeholders’ meeting to address the recent increase in Liquefied Petroleum Gas, LPG, prices and develop measures to improve supply, affordability and market stability.
The meeting brought together government officials, regulators, producers, marketers, terminal operators and industry associations to examine factors driving rising LPG prices and agree on interventions across the value chain.
Permanent Secretary of the Ministry of Petroleum Resources, Patience Oyekunle, described LPG as a critical energy source for households and an important component of Nigeria’s energy transition agenda.Nigeria Investment Guide
According to her, the increase in cooking gas prices was placing additional pressure on household budgets and raising the cost of essential goods.
Meanwhile, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said President Bola Tinubu is concerned about the impact of rising LPG prices on Nigerians.
Ekpo said the president had directed relevant agencies to take proactive measures to address the situation.
The minister further said that increasing supply must be supported by efficient logistics, improved infrastructure and transparent pricing mechanisms to ensure consumers benefit from sector-wide interventions.
On his part, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Rabiu Umar, said high landing costs continue to influence LPG prices.
Umar, however, expressed optimism that ongoing measures across the value chain would begin to ease market pressures in the coming weeks.
He said the authority is working with producers and other stakeholders to increase domestic supply, strengthen market oversight and improve product availability.
