Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Limited, on Monday announced that NNPC was currently increasing the supply of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to force down its price.
Kyari, who announced this at the inauguration of a 120-metric tonnes LPG storage and bottling plant by Emadeb Energy Services Limited in Abuja, however, explained that the hike in cooking gas price was an international issue.
The cost of LPG has been rising since this year, jumping by more than 240 per cent between January and October 2021, a development that has forced many LPG users to shift to charcoal or firewood.
Commenting on the hike in LPG price, while speaking to journalists on the sidelines of the event in Abuja, Kyari said, “Two things are in play.
“One is the supply in the international market of gas. It moves with the price of every other petroleum product including crude oil and its derivatives.
“So definitely, it is a reflection of what is happening in the international market. However, what we are doing is to increase supply and once supply increases, price will come down.”
Mr. Adebowale Olujini, Managing Director/Chief Executive Officer, Emadeb Energy Services, urged the government to support LPG investors considering the cost required to invest in the sector.
