Business & Finance

FG Unveils Plans to Drastically Reduce Cooking Gas Prices in Nigeria

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FG Unveils Plans to Drastically Reduce Cooking Gas Prices in Nigeria

In a recent stakeholders’ consultative meeting in Abuja, Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), announced the Nigerian government’s commitment to implementing measures aimed at significantly reducing the soaring prices of cooking gas in the country.

Over the years, the cost of cooking gas has witnessed a steady increase, prompting the government to address the issue. According to the National Bureau of Statistics’ December 2023 report, the average retail price for refilling a 5kg cylinder of cooking gas rose by 2.79%, from N4,828.18 in November to N4,962.87 in December 2023.

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In response to this, Mr. Ekpo emphasized the government’s focus on prioritizing the domestication and penetration of liquefied petroleum gas (LPG) to ensure accessibility, availability, and affordability for Nigerian citizens. This commitment aligns with one of the three priority areas outlined in President Tinubu’s Renewed Hope Agenda.

Mr. Ekpo outlined the government’s strategy, emphasizing efforts to increase upstream gas production and address the significant gaps in gas supply that

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