In a bid to curb the rising prices of cooking gas, the Tinubu-led administration announced the immediate suspension of Liquefied Petroleum Gas (LPG) exports.
The Minister of Petroleum Resources, Ekperikpe Ekpo, announced the suspension of gas exportation during a meeting themed ‘Internal Stakeholders’ Workshop’ held in Abuja on Thursday.
According to him, the move is considered part of a strategic effort to boost the affordability of gas (LPG) within Nigeria’s market to alleviate the financial crisis plagued by its consumption due to surging prices.
There are ongoing discussions with critical stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, as well as major operators like Mobil, Chevron, and Shell, he revealed.
This is following the surging prices yet imbalanced commodity prices of cooking gas in the market.
Meanwhile, such a move is not included in Nigeria’s Export Prohibition Act of 1989, which prohibits only the exportation of certain goods, including Maize, Beans, Rice, Yam, and Cassava tuber.
Read more: Obi Calls for Transparency on N1.1 Trillion Support to Governors, Urges Investment in Production
About The Author
