Thursday, August 5, 2021

NNPC to crash cooking gas price

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The Nigerian National Petroleum Corporation, NNPC, says it is working to crash the price of cooking gas in the country.

It said this would be done through the implementation of effective commercial framework that would halt the export of propane and butane from the country.

The Group General Manager, Crude Oil Marketing Division, COMD, of the Corporation, Mele Kyari, disclosed this in a statement issued by the corporation, in Abuja, on Thursday.

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He said that Propane and butane were major components in the production of Liquefied Petroleum Gas, LPG, also known as cooking gas.

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He said that the move to stop the export of propane and butane which was anchored by the Crude Oil Marketing Division of the Corporation would enable the Corporation boost supply of LPG to the domestic market.

This, he said would lead to a natural downward slide in the price of the product in the country.

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“Currently some of our butane and propane entitlements are exported largely due to lack of vessels to make sure that these things come into the domestic markets and the absence of a commercial framework.

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“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,” he said.

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