- Minister of state for petroleum resources, Timipre Sylva, has attributed the high prices of cooking gas to the removal of subsidy on the product
- He said the prices of the product are now determined by forces in the international market, noting that the Nigerian government has no control over it
- Sylva revealed this to State House correspondents after a meeting with President Muhammadu Buhari
Aso Rock - The federal government on Tuesday, November 23 said that it has no control over the price of cooking gas because the product is fully deregulated in the country.
The minister of state for petroleum resources, Timipre Sylva, made the declaration in a chat with correspondents in the Presidential Villa, Abuja.
He, however, noted that President Muhammadu Buhari is worried about the hike in the price of the commodity.
Leadership newspaper quoted the minister as saying:
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
“We must understand that cooking gas is not subsidized. It is already a deregulated commodity. So the price of cooking gas is not determined by the government or by everybody in the industry. In fact, gas prices are determined internationally.
“Mr. President also is very concerned. He is aware that the price of gas is high in the market, and we’re doing everything trying to see how we can bring down the price of gas especially as we approached the Yuletide.”
Meanwhile, one of the major processors and distributors of gas in Nigeria, Chief Shina Luwoye, has said the rising cost of cooking gas in Nigeria is caused by Reliance on importation and the introduction of 7.5 percent Value Added Tax (VAT).
Governor Ifeanyi Okowa Asks FG to Address Rising Cost of Cooking Gas
Meanwhile, Delta state governor, Senator Ifeanyi Okowa, on Monday, November 22 called on the federal government and relevant policymakers to initiate steps towards reducing the rising cost of gas in the country.
“At the rate the price is skyrocketing, gas is gradually getting out of the reach of the middle class and common man. It is imperative that policymakers find a way to mitigate this upward trend in the price to give succour to our people.”
CAN Laments Over Rising Cooking Gas Prices, Electricity Tariff
In a related development, the Christian Association of Nigeria (CAN) has lamented that the hike in electricity tariff and cooking gas prices will worsen the plight of Nigerians.
The Christian body added that the citizens already have enough on their plate with rising insecurity.
A communiqué by the General Secretary of CAN, Joseph Daramola, also asked security agencies to respond quickly to distress calls from Nigerians.