Tinubu government don dey move to bring down cooking gas price

President Bola Ahmed Tinubu administration don tell Naija National Petroleum Company Ltd and Liquefied Petroleum Gas producers make dem stop to export cooking gas, from November 1, 2024, make e for reduce di price and improve supply for inside di country.

Mr. Ekperikpe Ekpo, wey bi di di Minister of State for Petroleum Resources, na him give di order during di stakeholders meeting for Abuja on Tuesday 17.

Di meeting wey dem bin dey talk about di rising cost of cooking gas for di country, aim to find short and long-term solutions to stabilize di market.

As him dey talk through him spokesman, Mr. Louis Ibah, Mr. Ekpo announce some immediate steps to stop exports wey go bring relief to di consumers.

For di short-term solution, from Nov. 1, 2024, NNPC Ltd. and LPG producers go stop to dey export LPG wey dem produce for inside di country or import di same amount of LPG wey dem export for di price wey go reflect di cost.

“On pricing framework, di Naija Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) go engage stakeholders to take create domestic LPG pricing framework within 90 days, wey go dey index price to di cost of production for inside di country.

Dis one no go be like di current practice wey dey index against external markets, like di Americas and Far East Asia, while di commodity dey produced for inside di country and Naija dey pay higher price for essential commodity wey di country get am plenty.

For di long-term solution, for within 12 months, dem go fit develop facilities wey to blend, store, and deliver LPG, and go stop exports until di market fit supply enough and price stability,”na so him talk.

Ekpo come dey stress say di measures na part of bigger efforts to address structural challenges for inside di sector and make sure say Naija pipo dem fit to get affordable cooking gas.

Him come add say stabilizing prices no go only dey protect consumers but e go follow reduce di economic hardship wey dey on di rising for LPG costs.

Di House of Representatives on Wednesday don tell federal government say make dem reverse di recent increase for petrol price.

Di lawmakers also demand make dem reduce di price of cooking gas too.

Di lower legislative chamber pass di resolution during plenary session on Wednesday afta dem adopt motion wey Kingsley Chinda, di minority leader; Aliyu Madaki, di deputy minority leader, and 109 lawmakers co-sponsor.

Una fit remember say for October 9, di Naija National Petroleum Company (NNPC) Limited increase di price of petrol for all dia retail outlets for di country.

As Madaki dey move di motion, e talk say for di recent months, di prices of petrol and cooking gas don “skyrocket and still dey go up,” wey dey create “unsustainable financial burden” for ordinary Naija.

E talk say di removal of fuel subsidy, plus di global oil price wahala and di naira wey dey lose value don contribute well-well to di rising cost of petrol and cooking gas for plenty households.

Di lawmaker note say di increasing petrol and gas prices dey affect di cost of transportation, food, essential goods and healthcare, and dey “push plenty families enter deeper financial hardship.”

“Businesses, especially small and medium-sized enterprises (SMEs) dey struggle to manage dia operational costs bicos of di increase for fuel prices, wey dey threaten economic stability and job security,”Na Madaki talk am.

him add say “di federal government efforts to repair domestic refineries and boost local refining capacity to solve di petrol wahala no don show significant results.”

Di legislator talk say di inflation wey no dey check bicos of di increased prices of dis essential items “fit lead to social unrest, increased poverty rates, and negative long-term effects.”

Madaki talk say, unless dem take urgent steps to control di rising cost of petrol and cooking gas, di nation “go enter economic crisis wey go lead to negative outcomes like increased crime rate and mortality rate.”

“Our pipo no fit carry dia farm produce go market bicos of di petrol price increase,” Na so him talk.

“Food prices don increase, we must pressure di government.:

“We also need to review our OPEC policy.”

“We no need to dey inside OPEC bicos na di only way we fit solve dis issue.”

Olumide Osoba from Ogun propose say make dem refer di motion to di joint ad hoc committee of di house and senate.

Afta plenty debate, di motion don pass when Tajudeen Abbas, di presiding officer, put am for voice vote.

As a result, di house don ask di federal government to “take immediate steps to stabilise petrol and cooking gas prices through targeted interventions like temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.”

Di green chamber also don urge di NNPCL, ministry of petroleum resources and other relevant agencies to quicken di repair and maintenance of domestic refineries.

Di house don urge di NNPCL to boost local refining capacity as a stop-gap measure to reduce di dependence on imported refined petroleum products.

Di lower legislative chamber don ask di Central Bank of Naija (CBN) to implement monetary policies wey go help reduce di negative effects of fuel price increases on inflation, especially on essential goods.

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