The state-owned oil company in Nigeria is making moves to crash the prices of cooking gas to make life more comfortable for people.
The Nigerian National Petroleum Corporation (NNPC) said it is set to implement effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas.
The corporation on Thursday explained in statement by its spokesman, Mr. Ndu Ughamadu, that the move to stop the export of propane and butane which is anchored by the Crude Oil Marketing Division (COMD) of the corporation would enable the corporation boost supply of LPG to the domestic market thereby leading to a natural downward slide in the price of the product across the country.
The NNPC spokesman quoted the Group General Manager, COMD of the Corporation, Mallam Mele Kyari, as saying: “Currently some of our butane and propane entitlements are exported largely due to lack of vessels. What we are going to do is to make sure we put the right commercial framework in place so that those exports are converted into domestic consumption”.
Kyari who disclosed this at a strategy session said the Division was working in concert with stakeholders to create the enabling environment for in-country production of LPG and cessation of export of the country’s equity butane and propane entitlements.