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Business News of Wednesday, 24 November 2021

Source: www.legit.ng

We have no control over increasing gas prices nationwide - FG to Nigerians

Minister of state for petroleum resources, Timipre Sylva Minister of state for petroleum resources, Timipre Sylva

The federal government on Tuesday November 23,2021 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: “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).

Luwoye added that other causes include devaluation of Naira, as well as the scarcity of inflow dollar.