News
FG bans export of cooking gas to crash prices
FG bans export of cooking gas to crash prices
The Federal Government has banned the exportation of Liquefied Petroleum Gas (LPG) also known as cooking gas in order to increase the volume of supply and crash the prices across the country.
This was made known to journalists by the Minister of Petroleum (Gas), Ekperikpe Ekpo, at the ‘Internal Stakeholders’ workshop on Thursday, February 22, 2024, in Abuja.
The minister who spoke at the sideline of the event stated that the LPG producers had been told to stop exporting the commodity out of Nigeria, following the recent jump in the cost of cooking gas.
The theme of the workshop is “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development.”
FG discussing with stakeholders
When asked what the government has done to control the rising cost of domestic gas, Ekpo said the ministry is discussing constantly with critical stakeholders like the Nigerian Midstream and Downstream Petroleum Regulatory Authority and operators such as Mobil, Chevron, and Shell to address the issue.
READ ALSO:
- BREAKING: Ighodalo emerges PDP Governorship candidate for Edo polls
- Troops kill wanted terrorist leader, Boderi Isyaku, in Kaduna
- Man ‘machetes’ lover for failing to show up on Valentine’s Day after collecting N7,000
He explained that once there is a stoppage of the export of locally produced domestic gas, there will be more volume for the domestic market which will automatically reduce the price of the product.
- He said, “We are interacting with critical stakeholders to ensure that there is no exportation of LPG.
- “All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and of course, the price will automatically crash.
- “With the issue of gas, you have seen the demonstration of the Federal Government by withdrawing all taxes and levies from the importation of gas-related equipment. It is a big incentive.
- “On the issue of LPG (cooking gas), we are interacting with the critical sectors to ensure that there is no exportation of LPG. All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and, of course, the price will automatically crash.
- “I’m in contact with the regulator, NMDPRA, we have meetings almost daily with the producers of the gas like Mobil, Chevron and Shell. So there is that hope that things will turn around.
- “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.”
What you should know
- There have been reports of escalating prices of cooking gas in major cities across the country with the prices hovering between N17,000 and N18,000, as against the N9,000 the product was selling around November last year.
- Earlier in September 2023, gas retailers under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers warned that the price of a 12.5kg cooking gas cylinder could surge to N18,000 by December 2023 if the Federal Government does not intervene to regulate the actions of terminal owners.
- The president of the association, Olatunbosun Oladapo, attributed this unjustifiable price hike to terminal owners who, he alleged, are exploiting the excuse of a high foreign exchange rate to increase prices, causing significant hardship to the general population.
FG bans export of cooking gas to crash prices
News
Why the world didn’t end on April 25, by Prophet
Why the world didn’t end on April 25, by Prophet
Self-proclaimed preacher Prophet Metuh, who declared that the world would end on Thursday, April 25 has explained why the prophecy was averted.
He wrote: “The Lord showed us Mercy. After our 21-day fasting and prayer, he heard us and gave us more time to live. Prayer works #rapture2024 #rapture”
READ ALSO:
- Everyday my hatred for Mohbad increases – Naira Marley’s associate
- Fubara speaks on Rivers tanker explosion, pledges support for affected families
- Novena University/Asaba Specialist Hospital gets accreditation for Medicine
Reacting, @Pedwardx said: It’s the shamelessness for me. Kindly repent.”
@yesscoco asked: “So how many more days did God give us prophet? .”
@abeeb_azeez stated: “Alagba Metu you no go rest.”
@Adesoji85832525 argued: ” Sir, just say you want to start your skit career we will understand better.”
Why the world didn’t end on April 25, by Prophet
News
Edo Election: Group accuses INEC of disenfranchising voters
Edo Election: Group accuses INEC of disenfranchising voters
A coalition of civil society organizations, under the aegis of the Conference of Non-Governmental Organizations (CONGOS), has raised an alarm over the alleged denial of the voting rights of Edo State citizens by the Prof. Yakubu Mahmood-led Independent National Electoral Commission (INEC).
News
FG borrows N3.8trn from CBN in 6 months, says new report
FG borrows N3.8trn from CBN in 6 months, says new report
In the last six months of 2023, the Federal Government of Nigeria received an additional N3.8 trillion in what appeared to be a fresh Ways and Means borrowing, according to a provisional data published in the latest statistics bulletin for the fourth quarter of the year recently released by the Central Bank of Nigeria (CBN).
This is despite claims by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the President Bola Tinubu government had not borrowed money from the CBN.
The CBN’s provisional data showed that the total figure rose from N4.4 trillion at the end of June 2023, meaning that the cumulative Ways and Means balances due by the government grew to N8.2 trillion as at December 2023.
READ ALSO:
- GRA regeneration scheme: Alake endorses housing projects
- Naira fall: Senator warns CBN against artificial measures
- Shakeup in EFCC as Olukoyede appoints Chief of Staff, 14 directors
Total Ways and Means balances as at May 2023 when the Tinubu administration took over was N26.95 trillion. However, the balances were securitised as included as part of the federal government’s domestic debt profile.
A breakdown of the data shows that the balance at the end of June 2023 was N4.36 trillion, indicating that the prior month balances may have been moved to the Debt Management Office.
However, from July 2023, the balances increase every month, first to N4.5 trillion in July, then N5.1 trillion in August, crossing the N5.1 trillion mark for the first time.
By September, the total was N6.4 trillion, representing the single largest additional borrowing for a month with about N1.3 trillion. It then climbed to N7.2 trillion in October before rising marginally to N7.6 trillion in November.
At the end of the year, in December, the total hit N8.21 trillion, suggesting that Ways and Means increased by 88 per cent in six months.
FG borrows N3.8trn from CBN in 6 months, says new report
-
Education7 days ago
Why we charge N42m fees for primary school pupils — Charterhouse Lagos
-
metro7 days ago
JUST IN : Borrow pit collapses, kills seven Qur’anic school pupils
-
News6 days ago
We’re not part of Yoruba Nation agitation, says MKO Abiola family
-
metro5 days ago
How gunmen killed Babcock university lecturer, abducted two – Police
-
News4 days ago
Osun governor introduces choice first lady amid controversy over who will receive Remi Tinubu
-
Entertainment3 days ago
‘Tiwa Savage paid IT expert to wipe sextape off internet’
-
Sports6 days ago
Arsenal beat Wolves to return to top spot
-
International6 days ago
Two children killed, many others injured as drunk driver rams into kids party