Price of cooking gas set to crash as vessels loaded with LPG arrive Lagos

Four vessels loaded with 23,000 tonnes of Liquified Petroleum Gas valued at N25.3 billion have arrived at the Lagos jetties.

The price of the commodity is currently sold at over N1,000 per kilogramme as it takes a shuttle vessel about $450,000 to convey 3,000 metric tonnes to the port.

According to data from the Nigeria Ports Authority (NPA), the Alfred Temile arrived at the New Oil Jetty with 8,000 tonnes. Verrazane began discharging 9,000 tonnes at Bulk Oil Plant and 2,000 tonnes at Lister jetties.

The NPA's shipping data revealed that Sapet Gas berthed with 4,000 tonnes at the New Oil Jetty.

New Telegraph reports that only NAVAGAS and New Oil Jetty terminals are the facilities receiving regular supplies.

FG moves to crash cooking gas price The move comes as the Minister of State for Petroleum Resources (Gas), Ekperikpo Ekop, has formed a committee with a directive to develop recommendations on enhancing supplies and crash the commodity's price.

The committee headed by the Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has one week to develop solutions, Legit.ng reported.

The minister formed the committee at the end of a meeting to intervene in the challenges concerning the supply and pricing of cooking gas in Nigeria's domestic market.

The development comes following the increased price of cooking gas from N700 per kg to over N1,000 per kilogramme in some parts of Nigeria.

Insufficient supplies affecting the commodity's price Crucial challenges identified as responsible for the increase in the product's price include foreign exchange sourcing and insufficient supply of the domestic market by producers.

According to a report by Leadership, the meeting was held in Abuja with officials of Chevron Nigeria and NMDPRA in attendance.

The minister expressed President Bola Tinubu's concerns over the rising price of commodities and the hardships of Nigerians.

The minister said that multinational companies are more concerned with gas exports without dedicating vast amounts to the domestic market, called the development unacceptable, and said it should be discouraged.

Ekpo said: "With the exponential increase in the price of LPG, there is the need for the federal government to intervene, and I am representing this now. We acknowledge that some producers are exporting while we are faced with the challenges of importation.