Business
NNPC attempts to force down increased price of cooking gas by increasing supply
Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari has announced that there will be an increased supply of Liquefied Petroleum Gas popularly called cooking gas, in a bid to force down its price which has increased continously in recent times.
Kyari said this on Monday December 13 during the inauguration of a 120-metric tonnes LPG storage and bottling plant by Emadeb Energy Services Limited in Abuja.
Noting that the hike in cooking gas price was an international issue, the NNPC GMD revealed that cost of LPG has been rising since this year and has jumped by more than 240 per cent between January and October 2021.
He said;
“Two things are in play.
“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.”
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