The Federal Government’s ban on the export of Liquefied Petroleum Gas (LPG) has led to a significant decrease in its price, from around N1,500 per kilogram to approximately N900/kg. This was disclosed by LPG dealers under the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM).
The ban was announced on February 22, 2024, to increase domestic supply and reduce prices. NALPGAM commended the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, for the policy, which has stabilized prices in the domestic market.
Oladapo Olatunbosun, NALPGAM’s National President, recalled that the association had urged the government to stop exporting LPG, as it was leading to scarcity and high prices. He thanked the government for heeding their plea, resulting in a price reduction from N20m per 20 metric tonnes to N15m.
At the retail level, prices have decreased from N1,400-N1,500 per kilogram to N900-N1,000 per kilogram. Olatunbosun expressed appreciation for the government’s intervention, which has made LPG more affordable for consumers.
Ekpo, in response, lamented that Nigeria, a major gas producer, has low LPG consumption. He assured that President Bola Tinubu is committed to increasing gas penetration across the country. Ekpo praised the marketers for their cooperation in reducing prices, stating that the government aims to make gas resources available domestically at the right price.
The government had asked LPG producers to halt exports, and Ekpo had engaged with stakeholders, including producers like Mobil, Chevron, and Shell, to increase domestic supply and reduce prices.
The ban on LPG export has led to a significant decrease in prices, and the government aims to deepen gas penetration across the country, making it available at the right price for the public, in line with President Tinubu’s aspirations for the sector and economy.
