The Nigerian National Petroleum Corporation (NNPC) has revealed its plan to reduce the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide.
The implementation was contained in a statement signed by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, on Thursday, January 10.
NNPC, however, explained that the move to stop the export of propane and butane, which are major components in the production of gas, would enable the Corporation boost supply of LPG to the domestic market, thereby leading to a natural slash down in the price of the product.
The statement quoted Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Malam Mele Kyari to have said, “Currently some of our butane and propane entitlements are exported largely due to a lack of vessels to make sure that these things come into the domestic markets and the absence of a commercial framework.
“What we are going to do is to make sure we put the right commercial framework in place so that those exports are converted into domestic consumption.”