Cooking gas
BreakingFeaturedTrending Story

Cooking gas price hike: FG to bring down price before Yuletide — Minister

322
… says prices of the commodity are being determined by global markets
By Ajuma Edwina Ameh
With the rise in the prices of cooking gas unabatedly for several months, the Federal Government says it has no control over the rising prices of the commodity as it is being determined by global markets.
It, however, assured that efforts were being made to reduce the prices to bearable level for Nigerians before the Yuletide.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this to State House Correspondents at the Presidential Villa, Abuja, after a meeting with President Muhammadu Buhari, where he formally presented the CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), Mr Faruk Ahmed and the CEO, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.
Checks by Persecondnews.com  reveal that the price of cooking gas has been rising consistently for the past two months as 12kg gas which sold between N4,000 to N4,500 now sells between N8,800 to N10,000.
According to Sylvia, President Muhammadu Buhari is equally concerned about the rising prices of cooking gas.
“The government has no control over the price increase, hence cannot subsidize the product as it was fully deregulated.
“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 government or by everybody in the industry. In fact, gas prices are determined internationally.
“And you all are aware that in Europe, today, gas prices have gone up, there was even crisis in Europe relating to gas prices.
“So the pricing of gas internationally now affects also the price of gas in the country.
“Apart from that, there are some issues around VAT charges on imported gas, and of course, taxes on imported gas, which we are handling. But of course, quite frankly, these taxes on imported gas, you must also juxtapose it side by side with the local producers of gas.
“So if you incentivize the importance too much, then you will also kill the local industry. And also, you don’t want to incentivize the local industry at the expense of the imports, because if incentivize the local industry at the expense of the imports, then you will not have enough gas produced within the country,” the minister said.
“So, these are the issues of balancing that the midstream and downstream regulatory authority are handling and I want to assure you that we are quite concerned.
“Mr. President also is very concerned. He is aware that the price of gas is high in the market, and we are doing everything trying to see how we can bring down the price of gas especially as we approached the Yuletide,” Sylva promised.

Leave a comment

Related Articles

First Bank changes its name to First Holdco Plc, brand name to FirstHoldco

First Bank of Nigeria (FBN) Holdings Plc is to change its name...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

Morocco 2025: Ekong, Aina, Simon, Ndidi, 19 others to battle Benin Republic, Rwanda

Captain William Ekong, wingback Olaoluwa Aina, and forwards Victor Osimhen and Taiwo...

Unleash the Creativity Within! [PRT 2]

So here I am with more ideas of DIY crafts for you...

Career Advancement Tips for Men

The truth that most career people avoid accepting is that advancing in...

Emirship crisis: Kano govt. allocates N99.9m for Nassarawa mini-palace renovation

In response to the court’s order reinstating him, the Kano State Government...

Nigeria’s foreign exchange reserves up by 5 percent to $33.58bln

Nigeria’s foreign exchange (FX) reserves have increased by five percent in the...

Breaking: Presidential aircraft’s technical fault forces VP Shettima to abort U.S. trip – spokesman 

A technical fault in the presidential aircraft forced Vice President Kashim Shettima...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Women’s Day: Tinubu felicitates women, vows to prioritise their welfare, rights

President Bola Tinubu has promised to prioritize the welfare of women, protect...

All African Games: Nigeria’s Flying Eagles start their campaign on a losing note

The Flying Eagles of Nigeria started their campaign in the men’s football...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

Breaking: Seven days after, abducted Ekiti school children, teachers regain freedom

After seven days in the kidnappers’ den, the abducted students and teachers...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...