JUST IN!! FG To Ban Export of Cooking Gas From November 1 To Crash Prices

“On the short-term solution, with effect from Nov. 1, 2024, NNPC Ltd. And LPG producers are to stop exporting LPG produced in-country or import equivalent volumes of LPG exported at cost-reflective prices.

“On pricing framework, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will engage stakeholders to create a domestic LPG pricing framework within 90 days indexing price to the cost of in-country production.

“This is rather than the current practice of indexing against external markets, such as the Americas and Far East Asia, whereas the commodity is produced in-country and Nigerians are required to pay a higher price for an essential commodity the country is naturally endowed with.

“On long-term solution, within 12 months, facilities will be developed to blend, store, and deliver LPG, ending exports until the market achieves sufficiency and price stability.”