Nigerians dey face another economic challenge as the price of cooking gas, also known as Liquefied Petroleum Gas (LPG), don increase to N1,500 per kilogram. Dis price hike dey come at a time when people still dey struggle with the high cost of petrol.
According to report from *Punch Newspapers*, checks in some retail outlets in Ogun and Lagos States show that the prices of cooking gas have peaked at N1,500/kg as of Sunday. In Abuja, the average price for refilling a 12.5kg cylinder of cooking gas has also increased by 41.6 per cent to N17,000 in different areas.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, had promised to reduce the rising cost of cooking gas, but a new market survey shows that the price has not decreased; instead, it has risen further. In areas like Lokogoma in the FCT, Kubwa, Bwari, Kurudu, and Jikwoyi, the product is sold between N1,300 and N1,400 per kilogram.
The Managing Director/Chief Executive Officer of NIPCO Plc, Suresh Kumar, express optimism that prices would decline as domestic production improves, especially with the local refineries sourcing crude oil locally. Kumar emphasize that over 60 per cent of cooking gas consumed in Nigeria is imported and urge the Federal Government to support local refineries, including the Dangote Refinery, to boost domestic gas production.
Kumar also stress the need to end gas flaring in the country and invest in capturing and processing flared gas to increase domestic supply. He believe that with more players entering the gas processing sector, the market would stabilise in the long run.
