• About Us
  • Contact Us
  • Privacy & Policy
Tuesday, June 3, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Cooking Gas Price Hit ₦1,500 per Kg, Petroleum Ministry Fails on Promise on Relief

Vincent Amadi by Vincent Amadi
October 14, 2024
in Economy, News
Reading Time: 3 mins read
A A
0
Cooking Gas Price Hit ₦1,500 per Kg, Petroleum Ministry Fails on Promise on Relief
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

As Nigeria grapples with rising inflation and increasing cost of fuel, the price of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, has surged dramatically to N1,500 per kilogram. This increase has left many households feeling the financial strain, as LPG is an essential commodity for everyday cooking needs.

Current LPG Prices

According to findings from various retail outlets in Ogun and Lagos states, the price of cooking gas has increased to N1,500 per kilogram as of Sunday. In Abuja, the cost to refill a 12.5kg cylinder of LPG has skyrocketed by 41.6 percent, now reaching N17,000—up from N12,000 in July 2024 and N11,735 in January 2024. This stark increase highlights ongoing market trends and poses significant implications for consumers.

Government Response

Despite efforts by government officials to address the issue, including promises by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, to lower the price of cooking gas, the situation appears to be worsening. In August, Ekpo assured the public that he would engage regulators and gas producers to find solutions. However, a recent market survey revealed that LPG prices continue to rise.

In the Lokogoma area of the Federal Capital Territory (FCT), for example, the price of a 12.5kg cylinder now stands at N17,000, reflecting a 41.6 percent increase from just three months ago. Consumers in Kubwa are now paying between N16,200 and N16,500, compared to the previous price of N12,000. Some major distributors in the outskirts of Bwari, Kurudu, and Jikwoyi sell cooking gas at N1,300 per kilogram, with prices varying by location.

Ola Oresanya, the Commissioner for Environment in Ogun State, previously warned that many Nigerians might turn to charcoal as an alternative cooking fuel if the price of LPG continues to climb.

Local Production Challenges

Suresh Kumar, Managing Director and Chief Executive Officer of NIPCO Plc, discussed the potential relief that the Dangote Refinery and other domestic refineries could bring to escalating prices. He emphasized that over 60 percent of the cooking gas consumed in Nigeria is imported, significantly contributing to the rising costs.

“Currently, less than 40 percent of the 1.5 million metric tonnes of LPG consumed domestically is produced locally. The government must encourage companies like Chevron to convert more of their propane output into butane, which is more suitable for domestic use,” Kumar explained.

He expressed optimism that prices would eventually decrease as domestic production improves, particularly with local refineries sourcing crude oil in local currency. “Greater local production will make LPG more affordable, reducing exposure to foreign exchange fluctuations and international pricing dynamics,” Kumar stated.

The Path Forward

Kumar urged the government to introduce incentives to stimulate investments in gas processing. He noted that NIPCO has significantly expanded its LPG operations over the years, growing its capacity from 5,000 metric tonnes in 2008 to over 20,000 metric tonnes today.

He also emphasized that while LPG is essential for households, compressed natural gas (CNG) is expected to play a significant role in powering industries and transforming the transportation sector. “Our vision is to harness opportunities and grow Nigeria’s LPG consumption to levels appropriate for our population of over 200 million people,” he said.

Kumar stressed the importance of capturing and processing flared gas to increase domestic LPG supply, urging collaboration with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other stakeholders.

Despite stagnant demand due to high prices, he anticipates that the market will stabilize soon as more players enter the gas processing sector. “It is crucial for the government to support local refineries to boost domestic gas production and drive down retail prices,” Kumar concluded.

Vincent Amadi

Vincent Amadi

Related Posts

Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

2 days ago
EFCC arrests ex-government contractor over alleged N30 billion fraud
National

Ex-PDP chairman’s son jailed 14 years for N2.2 billion subsidy scam

6 days ago
Becoming AfDB president greatest honour of my life – Adesina
Economy

Becoming AfDB president greatest honour of my life – Adesina

1 week ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Wike to Amaechi: Stop lying, you are hungry for power, not food
National

Wike to Amaechi: Stop lying, you are hungry for power, not food

20 hours ago
Insecurity: Army kill three suspected bandits in Plateau
National

Insecurity: Army kill three suspected bandits in Plateau

1 day ago
Boko Haram attacks: Borno community demands relocation of Army barracks
National

Boko Haram attacks: Borno community demands relocation of Army barracks

1 day ago
Barcelona’s Raphinha Wins the Champions League Golden Boot
National

Barcelona’s Raphinha Wins the Champions League Golden Boot

1 day ago
Is Achraf Hakimi Best African Player of the Year? Osimhen Proves a Contender
National

Is Achraf Hakimi Best African Player of the Year? Osimhen Proves a Contender

1 day ago
20 Kano athletes die in gastly accident after Sports Festival
National

20 Kano athletes die in gastly accident after Sports Festival

2 days ago

POLITICS

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

3 days ago
PDP Crisis: BoT urges forgiveness, dialogue and unity

PDP Crisis: BoT urges forgiveness, dialogue and unity

6 days ago
Tinubu receiving performance based endorsement – Top APC Chieftain

Tinubu receiving performance based endorsement – Top APC Chieftain

7 days ago
​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

​​Coalition Saga: Atiku Ignores Adeleke In Osun, Draws Battle Line With PDP Govs. 

7 days ago
Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

1 week ago

2027: Atiku, PDP Mocks Tinubu’s Endorsements, Describes It As Fake

1 week ago

YOUR ECONOMY

Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

2 days ago
Becoming AfDB president greatest honour of my life – Adesina
Economy

Becoming AfDB president greatest honour of my life – Adesina

1 week ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide

2 weeks ago
Fidelity Bankruptcy Scare: Banking sector is stable, says CBN
Economy

Fidelity Bankruptcy Scare: Banking sector is stable, says CBN

2 weeks ago
Nigeria committed to deepening trade with U.S, says Envoy
Economy

Nigeria committed to deepening trade with U.S, says Envoy

2 weeks ago
Naira ends week on positive note against dollar
Economy

Naira ends week on positive note against dollar

2 weeks ago

E & P

Barcelona’s Raphinha Wins the Champions League Golden Boot
National

Barcelona’s Raphinha Wins the Champions League Golden Boot

by Steven Atogi
1 day ago
0

The Brazilian and Barcelona forward had a great run in the 2024/2025 football season, with impressive performance and statistics across competitions....

Is Achraf Hakimi Best African Player of the Year? Osimhen Proves a Contender

Is Achraf Hakimi Best African Player of the Year? Osimhen Proves a Contender

1 day ago
Ousmane Dembélé vs Lamine Yamal, who takes the Ballon d’Or?

Ousmane Dembélé vs Lamine Yamal, who takes the Ballon d’Or?

1 day ago
Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

Gov Adeleke’s defection rumours to APC gain traction as David visits Tinubu

1 week ago
Dramatic Ending In Premier league Last Fixture As Man City, Chelsea, Newcastle Secure Champions League Slot. Deal.

Dramatic Ending In Premier league Last Fixture As Man City, Chelsea, Newcastle Secure Champions League Slot. Deal.

1 week ago

Awoniyi speaks after life threatening surgery, admits current season the most difficult 

2 weeks ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
3 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
6 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports

Recent News

Wike to Amaechi: Stop lying, you are hungry for power, not food

Wike to Amaechi: Stop lying, you are hungry for power, not food

June 2, 2025
Ukraine’s drone strike hits Russian airbase targets

Ukraine’s drone strike hits Russian airbase targets

June 2, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address