Good News for Nigerians as NLNG Crashes Cooking Gas Price, Suspends Export
- Amid the rising cost of cooking gas which hit the roof top about five months ago, the price of Liquefied Natural Gas is set to crash to an all-time low
- This is as the Nigeria LNG Limited suspended its exportation of cooking gas in a strategic move to only supply the local market
- NLNG said its board of directors gave the approval for it to only supply the Nigerian market its produced Liquefied Petroleum Gas (butane and propane)
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The Nigeria LNG Limited (NLNG) on Thursday, January 13, announced that its board of directors had approved the supply of Liquefied Petroleum Gas (butane and propane) to the Nigerian domestic market.
The Punch reports that NLNG made this known in a statement, saying it would prioritise 100% of the company’s LPG production.
Source: Getty Images
It was gathered that the first propane cargo into the domestic market was supplied three months ago.
According to the company, a scheme to sustainably supply propane for usage in cooking gas blending had been developed to further deepen gas utilisation in the country.
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NLNG explained that these initiatives are designed to increase LPG availability in Nigeria, diversifying its uses and support the federal government’s decade of gas initiative, The Sun added.
NLNG is currently the highest single supplier of LPG into the domestic market, with an estimated 400,000 metric tonnes supplied in 2021.
Dr Philip Mshelbila, the managing director and chief executive officer, NLNG, said the announcement marked the company’s strong passion to increase utilisation of one of the most versatile energy sources.
FG says it has no control over increasing gas prices
Legit.ng previously reported that the federal government on Tuesday, November 23, 2021, said that it had 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.
Cooking gas: FG projects further reduction as price drops
Meanwhile, the market situation in the country seemed tense 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 cooking gas.
It disclosed this while reacting to the recent marginal drop in the cost of cooking gas.
Source: Legit.ng
