Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited, declared on Monday that the NNPC was boosting the supply of Liquefied Petroleum Gas (LPG), also known as cooking gas, in order to lower its price.
Kyari, who made the announcement at the opening of Emadeb Energy Services Limited’s 120-metric-tonne LPG storage and bottling plant in Abuja, stated that the increase in cooking gas prices was an international issue.
LPG prices have been rising steadily since this year, increasing by more than 240 percent between January and October 2021, forcing many LPG users to switch to charcoal or firewood.
“Two things are in play,” Kyari said on the LPG price hike while addressing journalists on the sidelines of the event in Abuja.
“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.”