… confirms ex-depot prices down from N20m to N15m per 20MT, retail prices drop to N900/kg
Oredola Adeola
The Nigerian Association of Liquefied Petroleum Gas Marketers(NALPGAM) has lauded the efforts of Rt. Hon. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), for his role in reducing the price of Liquefied Petroleum Gas (cooking gas) from N20 million per 20 metric tonnes (MT) to N15 million per 20 MT.
This substantial decrease according to the NALPGAM, also impacted the retail prices, with rates falling from N1,400 – N1,500 per kilogram to between N900 – N1,000 per kilogram.
Mr. Oladapo Olatunbosun, National President of the association, stated this during a courtesy visit by the group to the Minister in Abuja on Wednesday.
According to the NALPGAM President, the intervention and order of the Minister in respect of the domestication of all LPG produced within the country especially by the International Oil Companies(IOCs) has resulted in the reduction and stabilisation of the product’s price in the domestic market.
Louis Ibah, Spokesman for the Minister of State Petroleum Resources (Gas) made this known in a statement obtained by Advisors Reports on Wednesday.
Olatunbosun in his remark at the meeting, recalled that during a stakeholders consultative forum in Abuja in February this year, the associated had drawn the Minister’s attention to the fact that some International Oil Companies (IOCs) operating in Nigeria had been exporting huge volumes of gas out of the country, and that if these volumes were to be available for the domestic market, there would be no need to import LPG at exorbitant rates as the product will be available and there will be price stability in the local market.
The NALPGAM President therefore thanked Ekpo for heeding to their plea saying his intervention has seen the price of LPG dropped significantly at both depot’s and retail ends.
Olatunbosun further said, “We appreciate the fact that at the parley with us, you promised that the issue of exporting LPG in the face of inadequate supply and soar in prices will be addressed, and indeed you have taken steps to walk the talk.
“The ban on LPG export has made a lot of changes in the market and consumers can testify to this.
“Most people who abandoned their gas cylinders due to price hike are coming back and we are confident that by the time the Naira gains more values, consumers will enjoy better price of LPG.”
The Gas Minister in his response decried the situation where Nigeria, a major gas producer, was ranked among countries with the lowest consumers of the product, assuring of President Bola Tinubu’s commitment in deepening the penetration of gas in the country.
Ekpo lauded the marketers for their cooperation in bringing down prices to reflect current realities following the ban on export of LPG saying “we would not have gone that far without your cooperation and support.”
“We are working towards ensuring that our vast gas resources is available domestically at the right price for the public in line with President Bola Tinubu’s aspiration for the sector and economy,” he added.
