In its bid to crash the price of cooking gas, the Federal Government has stopped the exportation of liquefied petroleum gas (LPG).
The move, it is believed, will help to tame the current scarcity and soaring prices of the commodity in the country.
The Minister of State for Petroleum Resources, Sen. Ekperikpe Ekpo, made this known at the ‘Internal Stakeholders’ Workshop’ in Abuja on Thursday.
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The theme of the workshop is ‘Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development’.
He said: “We are interacting with critical stakeholders to ensure that there is no exportation of LPG.
“All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase, and of course, the price will automatically crash.
“I am in contact with the regulation, NMDPRA; we hold meetings almost on a daily basis, and the producers, such as Mobil, Chevron, and Shell.
“So, there is that hope that things will turn around. We don’t need to make noise about it.”
The price of cooking gas increased significantly during last weekend from N12,000 to N16,500 as a result of the ongoing uncertainty surrounding the currency rate.
There are signs that the price may rise much higher as Nigerians expressed their displeasure with the continuous rise in the cost of cooking gas and other commodities