LPG price hike: Expect gradual reduction in prices by next week - Minister assures
...orders clampdown on Marketers hoarding product
By Olakunle Oke
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has assured Nigerians of a gradual reduction in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas by next week.
Ekpo in a statement on Monday urged Nigerians to remain calm, assuring that the hike was temporary and would normalise by next week.
Cooking gas prices have recently spiked from an average of ₦1,000 per kilogramme to about ₦2,000/kg in some parts of the country. The sharp increase followed a strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) during its dispute with the .
Despite the suspension of the strike almost two weeks ago, prices have remained high while scarcity persists across major cities.
The Minister reacting attributed the current surge to two key factors the industrial action by PENGASSAN at the Dangote Refinery and ongoing maintenance activities at the Nigeria LNG Train 4 facility.
According to him, the strike action halted LPG loading operations at the refinery, while maintenance at the NLNG plant reduced the volume of gas supplied to the domestic market. These disruptions, he said, created a shortfall in supply, triggering a price hike driven by demand supply imbalance.
Ekpo, however, disclosed that the situation was already improving, as operations had resumed at the Dangote Refinery with LPG loading for the domestic market now in progress.
He added that the Bonny River Terminal operated by Seplat Energy had also commenced loading, while NLNG was gradually returning to full operations as maintenance neared completion.
“With these developments, supply to the domestic market is expected to stabilise by next week, leading to a gradual reduction in prices,” he assured.
Reiterating that the LPG market remains deregulated, the minister appealed to marketers, distributors, and other stakeholders in the gas value chain to act responsibly and desist from hoarding or exploiting consumers for profit.
To ensure compliance, Ekpo directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to intensify monitoring of LPG depots nationwide to curb hoarding and other sharp practices that could worsen the situation.