Cooking Gas: FG Projects Further Reduction as Price Drops
- Nigerians lament daily as the price of Liquefied Petroleum Gas popularly referred to as cooking gas rises in various parts of the country
- But there is a twist to the development as the price of gas crashes and the government is seeking ways to see that there is a further reduction in the price
- Following the development, the government is making serious efforts to see that the cost price crashes further in markets across the country
The market situation in the country seems tense at the moment following the rising cost price of goods in markets across the country.
On Thursday, January 6, the federal government said it was putting measures in place to ensure a further reduction in the cost of Liquefied Petroleum Gas, popularly called cooking gas, The Punch reports.
It disclosed this while reacting to the recent marginal drop in the cost of cooking gas.
According to findings, the price of 12.5kg LPG has dropped from N8,800 to between N8400 and N8200.
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In some outlets, the price of the commodity dropped to between N7,800 and N8,000 as of Thursday.
The Programme Manager, National LPG Expansion Implementation Plan, Office of the Vice President, Dayo Adeshina, stated:
“It is in government’s interest for the price to go down consistently and there are certain initiatives that are being taken at the moment, which hopefully will see to further drops in price regardless of the international cost."
About 65 percent of the LPG is imported into Nigeria, while domestic production accounts for 35 percent, hence the cost of the commodity in the global market affects the price locally.
Viral video shows people in Lagos queuing to buy cooking gas, Nigerians react to new prices
Meanwhile, Legit.ng had earlier reported that a video supposedly showing people in Lagos state as they queued for cooking gas has got many reactions on social media.
Posted by Tunde Ednut on Instagram, he claimed the incident happened in the state earlier in the week.
In the clip, buyers were at a gas filling station with their different sizes of cylinders to buy the product. Some of them even sat on the containers as they awaited their turns.
Subsidy removal and 3 Other tough economic decisions by FG that will impact you heavily in 2022
In other news, Nigerians are bracing for a difficult 2022, the year President Muhammadu Buhari-led government will be at the cusp of exiting Aso Rock.
As Buhari's government scrambles for more money to service mounting debts, it will thrust deep into the pockets of Nigerians in the year ahead.
The government has consistently maintained that it has lean resources to cater to the ever-exploding population in the country.