The Federal Government of Nigeria’s recent ban on the export of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has led to a significant reduction in the commodity’s price from approximately N1,500 per kilogram to around N900 per kilogram.
This information was disclosed by the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) during a meeting with the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.
The ban, which was implemented on February 22, 2024, aimed to increase the domestic supply of LPG and reduce its price locally. During a stakeholders’ consultative forum in February, it was highlighted that international oil companies were exporting substantial volumes of LPG from Nigeria.
If these volumes were retained domestically, it would eliminate the need for costly imports and stabilize prices.
Oladapo Olatunbosun, the National President of NALPGAM, praised Minister Ekpo for the decisive action taken to ensure all LPG produced in Nigeria remains within the country.
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This policy has successfully reduced the price of LPG from N20 million per 20 metric tonnes to N15 million, with retail prices dropping to between N900 and N1,000 per kilogram.
Olatunbosun noted the positive impact of this policy on the market and consumers, as people who had stopped using LPG due to high prices are now returning.
He expressed confidence that as the naira strengthens, consumers will benefit further from more affordable LPG prices.
In response, Ekpo lamented that despite being a major gas producer, Nigeria ranks low in domestic gas consumption.
He assured stakeholders of President Bola Tinubu’s commitment to expanding gas usage across the country and commended the marketers for their cooperation in reducing prices following the export ban.
Ekpo emphasized the government’s ongoing efforts to ensure that all LPG produced domestically is available at reasonable prices for the public.
He also highlighted the removal of taxes and levies on gas-related equipment imports as an incentive to boost the sector.
This policy change and the subsequent price reduction represent a significant step toward making LPG more accessible and affordable for Nigerian consumers, aligning with the government’s broader economic and energy sector goals.
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