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Due to the recent spike in prices nationwide, Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has instructed regulatory bodies to crack down on sellers who hoard cooking gas, commonly known as Liquefied Petroleum Gas (LPG).
In a statement released Monday and signed by his spokesperson, Louis Ibah, Ekpo called the conduct of certain marketers exploitative and issued a warning that the government would not permit Nigerians to endure excessive suffering.
Cooking gas prices have increased in recent weeks, rising from an average of ₦1,000 per kilogram to as much as ₦2,000 per kilogram in some regions of the nation.
Prior to the hike, the Nigeria LNG Train 4 facility was undergoing maintenance, and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) was on strike during its confrontation with the Dangote refinery.
Nearly two weeks have passed since the walkout was called off, yet shortages and high costs have persisted.
Ekpo explained the reasons for the shortage by stating that “the maintenance work at NLNG reduced the volume of gas available in the domestic market, while the PENGASSAN strike at the Dangote refinery temporarily halted LPG loading.”
He pointed out that a shortage of supply brought on by these disruptions caused prices to spike.
But Nigerians were reassured by the minister that the supply was already getting better.
“The Dangote refinery has reopened for business, and LPG loading to the domestic market has already begun. While NLNG is progressively returning to normal operations as its maintenance approaches completion, Seplat Energy’s Bonny River Terminal has also begun loading, Ekpo added.
With these events, he continued, supplies would stabilize by next week, causing prices to gradually decline.
The minister emphasized that the LPG market is still deregulated but warned distributors, marketers, and other interested parties not to hoard goods or take advantage of customers.
The deregulated LPG market requires patriotic behavior from all parties involved. “They should stop hoarding and stop taking advantage of customers for financial gain,” the statement said.
In order to stop hoarding and sharp tactics, Ekpo also revealed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority has been ordered to step up its supervision of LPG depots around the country.
Nigerians were reassured by him that the Federal Government was still dedicated to providing a sufficient and reasonably priced gas supply to every family in the nation.