Nigeria Ban on LPG Exports Cuts Cooking Gas Prices by 40%

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The Federal Government’s ban on Liquefied Petroleum Gas (LPG) exports has led to a significant reduction in the cost of cooking gas, dropping from about N1,500 per kilogram to around N900/kg. This was confirmed by the Nigerian Association of Liquefied Petroleum Gas Marketers during a meeting with the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.

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Oladapo Olatunbosun, National President of NALPGAM, praised the minister for domesticating LPG production, which has stabilized local prices. The move followed the government’s directive in February 2024, aiming to retain LPG within Nigeria to curb soaring prices. Olatunbosun highlighted that the price for 20 metric tonnes of LPG has decreased from N20 million to N15 million.

He also noted that consumers are returning to using LPG cylinders due to the reduced costs. Ekpo emphasized Nigeria’s commitment to increasing domestic gas consumption and appreciated the marketers’ role in the price reduction.

Ekpo reiterated the government’s strategy to halt LPG exports, ensuring that all domestically produced LPG stays within the country to increase supply and lower prices.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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