By Koforowola Fakeye, JKNewsMedia Reporter
THE FEDERAL government (FG) attributes the recent increase in Liquefied Petroleum Gas (LPG) prices in the domestic market to prevailing market realities including foreign exchange volatility, rising logistics costs, infrastructure constraints and fluctuations in international LPG prices.
JKNewsMedia.com reports that the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed this in a statement in which he noted public concerns over the recent rise in the price of cooking gas. The statement was signed by his spokesman, Louis Ibah.
The minister said the FG remains committed to ensuring adequate, reliable and affordable gas supply for households, industries and power generation across the country.
He stated that the factors influencing prices should not be misinterpreted as evidence of policy failure.
The statement also outlined ongoing interventions aimed at stabilising the domestic LPG market, including a directive that all LPG produced in Nigeria be prioritised for local consumption.
Ekpo also said the policy has strengthened domestic supply, reduced dependence on imports and improved market resilience.
To address supply stability, Ekpo directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to intensify engagement with producers, marketers and other stakeholders in order to sustain supply and enhance market stability.
The statement added that marketers have committed to increasing import volumes to complement domestic production.
It also noted that deliveries from the new Seplat gas facility, expected to commence in July, will significantly boost national LPG supply.
JKNewsMedia.com also reports that the minister confirmed that no producer is exporting LPG volumes designated for the domestic market, stating that regulatory measures remain in place to prioritise local needs.
The statement further noted that the outlook for LPG supply remains positive, with government continuing to pursue measures aimed at improving availability, affordability and long term energy security for consumers.
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