Amid a dramatic surge in cooking gas (LPG) prices, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Monday ordered regulators to crack down on marketers who are hoarding the product.
Prices have nearly doubled, jumping from an average of ₦1,000 to about ₦2,000 per kilogram in some parts of the country.
According to the Minister, this price spike stems from two main issues – an industrial action by PENGASSAN at the Dangote refinery that briefly stopped LPG loading, and ongoing maintenance at the Nigeria LNG Train 4 facility, which has reduced domestic gas supply.
“The strike by PENGASSAN at the Dangote refinery temporarily halted LPG loading, while the maintenance work at NLNG reduced the volume of gas available in the domestic market,” Ekpo explained in a statement signed by his spokesman, Louis Ibah.
The Federal Government has ordered an intensified monitoring of LPG depots across the country to prevent product hoarding and other sharp practices, he said.
The minister assured Nigerians that the situation is temporary and would normalize soon, with supply expected to stabilize by next week, leading to a gradual reduction in prices.
“With these developments, supply to the domestic market is expected to stabilise by next week, leading to a gradual reduction in prices,” Ekpo stated.
The prices of cooking gas vary across the country, with Lagos experiencing a surge to ₦21,600 for a 12.5kg cylinder, while Abuja residents pay about ₦20,000 for the same cylinder.
Street vendors are also selling limited supplies at inflated prices, further burdening households.
The minister urged marketers, distributors, and all stakeholders along the LPG value chain to be patriotic in their dealings, desist from hoarding, and refrain from exploiting consumers for profit.
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