Farouk Ahmed, the Chief Executive Officer (CEO) of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA), has attributed the rising cost of Liquified Petroleum Gas (LPG), commonly known as cooking gas to poor investment into the gas sector over the years.
Ahmed said this on Monday during his inauguration as CEO of NPRA, where Gbenga Komolafe was also inaugurated as the Chief Executive Officer (CEO) of the Upstream Regulatory Commission.
Speaking to journalists after the inauguration, Ahmed disclosed that the NPRA would urgently work with stakeholders to tackle the challenge of rising price of cooking gas.
Ahmed attributed the hike in price to poor investment into the gas sector over the years, saying with the abundance of gas, Nigeria should not struggle with gas supply.
The cost of filling a 12.5kg cylinder of cooking gas increased from an average of N6,200 in July 2021 to N7,000 as of September 2021. This is about a 13% increase in the price of cooking gas. Several dealers and consumers are lamenting what they described as a progressive hike in the price of cooking gas across major cities in Nigeria.
YOU ARE SAYING FROM 6000 TO 7000, YOUR ANALYSIS IS LIE. 12.5KG @ AGO PALACE WAY OKOTA, IN LAGOS NOW IS N8700.