FG Plan To Reduce Cooking Gas Price - Check Out How
Friday 9 February 2024
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The Nigerian government has announced its commitment to implementing measures aimed at significantly reducing the price of cooking gas in the country. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), disclosed this during a stakeholders’ consultative meeting in Abuja.
In recent years, the cost of cooking gas in Nigeria has been steadily increasing. 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. On a year-on-year basis, this marked an 8.70% increase from N4,565.56 in December 2022. CONTINUE READING.....
Minister Ekperikpe Ekpo announced that the government will prioritize the domestication and penetration of liquefied petroleum gas (LPG) to ensure it becomes more accessible, available, and affordable for citizens. This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, with a focus on three priority areas, one of which is the reduction of cooking gas prices.
Despite being one of the leading gas-rich countries globally, Nigeria has not fully tapped into the potential of this valuable resource. Minister Ekpo attributed this underperformance to issues such as gas flaring, inadequate infrastructure, pricing concerns, policy and regulatory gaps, limited funding, environmental concerns, and the need for a comprehensive gas development blueprint. CONTINUE READING.....
The government expressed its commitment to developing a comprehensive roadmap to address the challenges within the gas sector. Minister Ekpo emphasized the importance of strengthening the collaboration between the public and private sectors to overcome challenges, unlock opportunities, and build a resilient gas sector.
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Nicholas Ella, the Permanent Secretary of the ministry, highlighted the vast challenges and opportunities within the gas sector, including technological advancements, environmental considerations, and economic implications. He emphasized the need for open and transparent discussions to uncover synergies and collectively arrive at solutions for a sustainable and prosperous future.
In conclusion, the Nigerian government's plan to reduce cooking gas prices signifies a strategic move towards making this essential commodity more affordable for the citizens. The initiatives outlined focus on addressing key challenges and unlocking the full potential of Nigeria's gas sector, with a commitment to collaboration and transparency.
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