Federal Government Bans Export of Locally Produced Cooking Gas to Tackle Soaring Prices

In a bid to alleviate the financial burden on Nigerians, the Federal Government has prohibited the export of domestically produced Liquefied Petroleum Gas (LPG), effective November 1, 2024.

Minister of State Petroleum Resources (Gas) Ekperikpe Ekpo announced the decision after convening an emergency meeting with stakeholders in Abuja to address the escalating prices.

The government has directed the Nigerian National Petroleum Company Limited (NNPCL) and other LPG producers to halt exports. Alternatively, they must import equivalent volumes at cost-reflective prices if exports continue.

Additionally, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been tasked with establishing a fair pricing framework within 90 days.

This intervention aims to increase domestic supply, stabilize prices, and provide relief to households struggling with high living costs.

According to Louis Iba, spokesman for the Minister, this move demonstrates the government’s commitment to mitigating the hardship faced by Nigerians due to the rising cost of cooking gas.