The Federal Government of Nigeria has said it is working to ensure the further decline in the price of Liquefied Petroleum Gas. The Programme Manager, National LPG Expansion Implementation Plan, Office of the Vice President, Dayo Adeshina said this on Thursday while speaking to newsmen.
The Big Picture.
From January to October 2021, the price of 12.5kg of Liquefied Petroleum Gas, also known as cooking gas, inflated 240%, going from N3000 to N10,200.
Since that time, reports say that the price further dropped to N8,800. Brief reports that currently, the price of 12.5kg has further dropped to between N8,400-N7,800.
This surge in price is because 65% of the total amount of cooking gas available in Nigeria is imported while they locally produce the other 35%. When the global market surges, so does the price in Nigeria, as the imported volume has a greater gain of the volume.
Speaking on the government measures to be put in place, Dayo Adesina said that there are ongoing talks on large-scale storage.