Good news as marketers announce crash in cooking gas price after FG's order

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has confirmed a 40% fall in cooking gas prices.

Oladapo Olatunbosun, the association's National President, disclosed this during the group's visit to the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja on Wednesday, June 5.

Olatunbosun revealed that the cost of the commodity has dropped from about N1,500 per kilogram to around N900/kg.

He added that marketers now buy a 20-metric-tonne container for N15 million, down from the previous price of N20 million, Punch reports.

Why cooking gas prices drop

Olatunbosun, in a statement issued by the minister's media aide, Louis Ibah, credited the price drop to the federal government's decision to ban the exportation of the product and mandate that all domestically produced LPG remain within the country.

He said the policy has reduced and stabilised the product's price in the domestic market.

Olatunbosun was quoted as saying: “We appreciate that during our discussion, you (Ekpo) promised to address the issue of exporting LPG amidst inadequate supply and soaring prices, and you have indeed taken steps to fulfil that promise.

“Today, we express our gratitude because the ban on LPG exports has significantly impacted the market, and consumers can attest to this.

“People who had abandoned their gas cylinders due to the price hike are returning, and we are confident that as the naira strengthens, consumers will benefit from even better LPG prices.”

FG responds to cooking gas dealers

Reacting to the development, the Minister of State for Petroleum Resources, Ekpo, reiterated President Bola Tinubu's commitment to expanding gas usage across the country.

Ekpo praised the marketers for their cooperation in reducing prices to reflect current realities following the ban on LPG exports.