NNPC mulls crashing cooking gas prices
The Nigerian National Petroleum Company (NNPC) says it is working to ensure a reduction in the prices of cooking gas in the country.
Mele Kyari, NNPC Group Managing Director who made this known on Tuesday amidst concerns by the public over its soaring price, attributed the high price of the Liquefied Petroleum Gas (LPG) to the rising price of crude oil and its derivatives at the world market.
Speaking at the inauguration of the Emadeb Energy Services Limited’s 120MT LPG Storage and Bottling Plant in Abuja, Kyari assured Nigerians that the NNPC was working round the clock to boost the commodity’s supply to ensure a crash of the price.
“Two things are at play; one is the supply and the other is the international price of gas. It (price) moves with the price of every other petroleum product including crude oil and its derivatives. So it is a reflection of what is happening in the international market.
“What we are doing is to increase supply. Once the supply is increased the prices will come down,” he said.
According to Kyari, the newly-inaugurated LPG plant will reduce the cost of energy for Nigerians for the fact that LPG is cheaper than any other product you can think of, especially as cooking fuel.
He explained that the project aligned with one of the steps that the Federal Government had taken to provide gas for its citizenry and commended Emadeb Energy Services Limited for building the LPG plant in Abuja.
He said that the NNPC was aware that a lot of institutions and companies were doing this across the country, stressing that it was in line with President Buhari’s objectives to make this the decade of gas.
He also noted that the global energy transition had made the investment climate very ripe for gas.
Kyari added, “We know that the investment climate is very ripe for auto-gas and auto fuel, especially in terms of LPG as a transition fuel globally.
“So, we know that this is a big market for Nigerian companies and this is one of the great companies that we have around.
“As NNPC, we will come in and we will guarantee supply. That is very important for us as a business.
“As you are aware, we are NNPC Limited in Nigeria and we also have to make money for Nigeria. We will be there in the upstream to provide the gas.”
