Cooking gasoline export ban crashed home value – Marketers

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The Federal Government’s ban on the export of Liquefied Petroleum Gas, popularly known as cooking gasoline, has led to a crash in the price of the commodity from about N1,500 per kilogram to round N900/kg, LPG sellers said on Wednesday.

Cooking gasoline sellers below the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers disclosed this throughout a courtesy go to on the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.

On February 22, 2024, The PUNCH reported that the Federal Government banned the exportation of LPG in a bid to extend its quantity domestically to warrant a crash in value.

It said on the time that LPG producers in Nigeria and key stakeholders within the business had been instructed to cease exporting the commodity out of Nigeria, following the bounce in the price of cooking gasoline.

Speaking on the assembly with the gasoline minister on Wednesday in Abuja, the National President, NALPGAM, Oladapo Olatunbosun, counseled Ekpo for the braveness in ordering the domestication of all LPG produced throughout the nation, stressing that the coverage resulted within the discount and stabilisation of the product’s value within the home market.

Olatunbosun, in a press release issued by the minister’s media aide, Louis Ibah, recalled that in a stakeholders consultative discussion board in Abuja in February this 12 months,  the affiliation had drawn the minister’s consideration to the truth that some worldwide oil firms  working in Nigeria had been exporting big volumes of gasoline.

He had identified that if these volumes have been to be out there for the home market, there can be no have to import LPG at exorbitant charges because the product can be out there and there can be value stability within the native market.

The NALPGAM president thanked the Federal Government for heeding to their plea, as the federal government’s intervention made the worth of LPG that was offered fo N20m per 20 metric tonnes lowered to N15m.

And on the retail finish, there’s a corresponding lower from N1,400 – N1,500 per kilogram to between N900 – N1,000 per kilogram, in keeping with the gasoline marketer, as contained within the assertion.

Olatunbosun was quoted as saying, “We admire the truth that on the parley with us you (Ekpo) promised that the problem of exporting LPG within the face of insufficient provide and soar in costs can be addressed, and certainly you will have taken steps to stroll the discuss.

“Today we are saying thanks as a result of the ban on LPG export has made numerous adjustments available in the market and shoppers can testify to this.

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“People who abandoned their gas cylinders due to price hike are coming back and we are confident that by the time the naira gains more weight, consumers will enjoy better price of LPG.”

In his response, Ekpo decried the scenario the place Nigeria, a serious gasoline producer, was ranked amongst international locations with the bottom shoppers of the product.

He assured his company of President Bola Tinubu’s dedication in deepening the penetration of gasoline throughout the nation.

He lauded the entrepreneurs for his or her cooperation in bringing down costs to mirror present realities following the ban on the export of LPG.

“We would not have gone that far without your cooperation and support. We are working towards ensuring that our vast gas resources is available domestically at the right price for the public in line with President Bola Tinubu’s aspiration for the sector and economy,” Ekpo said.

The gasoline minister said in February that the federal government had requested LPG producers to halt the export of the commodity.

Ekpo had stated, “With the problem of gasoline, you will have seen the demonstration of the Federal Government by withdrawing all taxes and levies from the importation of gas-related gear. It is a giant incentive.

“On the problem of LPG (cooking gasoline), we’re interacting with the vital sectors to make sure that there is no such thing as a exportation of LPG. All LPG produced throughout the nation should be domesticated. And when that is executed, the quantity will improve and, after all, the worth will routinely crash.

 “I’m involved with the regulator, NMDPRA, we’ve got conferences virtually every day with the producers of the gasoline like Mobil, Chevron and Shell. So there may be that hope that issues will flip round.

“And that is also why we are having this engagement to know exactly what the problems are so that we can address them once and for all.”



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