Market News
Gas: Price galloping out of hand - THE NATION
Despite last month’s impressive production and importation figures for Liquefied Petroleum Gas, the cost of the commodity is defying all odds, rising almost weekly. The situation has aggravated public concerns of the public, which fear that the commodity may get out of hand, MUYIWA LUCAS reports.
All things being equal, the disclosure by the Petroleum Products Pricing Regulatory Agency (PPPRA) that of the 76,578.986 metric tonnes (mt) of the Liquefied Petroleum Gas (LPG) supplied across the country last month, only 49,453.081mt was locally produced and 27, 125.905MT was imported.
In a statement, PPPRA’s General Manager, Corporate Services, Mr. Kimchi Apollo, said Nigeria produces most of its LPG needs, praising the Federal Government’s policies, including the National Gas Policy (NGP), Nigeria Gas Flare Commercialisation Programme (NGFCP), National Gas Expansion Programme (NGEP) and Decade of Gas Declaration as being responsible for the progress in the sector.
“It is worthy to note that the quantity of LPG sourced locally rose from 38,040.457MT in August to 49,453.081MT in September, while importation reduced from 47,224.346MT to 27,125.905MT,” he said.
While Apollo’s submission may be right given that the figures bandied showed that over 66.58 per cent of domestic gas supplied and consumed in September, was produced locally, the almost0weekly rising cost of the commodity may have affected the achievement.
