Nigerian Government Takes Action to Reduce LPG and CNG Prices

The Nigerian government has taken a significant step towards reducing the prices of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) in the country.

On Friday, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) with this goal in mind.

During the inauguration, Minister Ekpo emphasized the importance of the fund, which aims to attract $575 billion in investments in the Nigerian gas sector.

He noted that this initiative is not just about creating a fund, but rather a vehicle for progress, a conduit for prosperity, and a catalyst for sustainable development.

President Bola Tinubu appointed the governing council to lead the MDGIF late last year, and the recent inauguration marks a crucial step in the process.

The alignment of the fund with sustainable development is expected to lead to a tangible reduction in the prices of LPG and CNG, particularly benefiting low-income earners in the country.

As of February, reports indicated that the prices of 12.5kg LPG in Nigeria ranged from N9,699.50 to N13,040, depending on the location.

The government’s efforts to reduce these prices through the MDGIF will not only make these essential energy sources more affordable for the general population but also contribute to the country’s overall sustainable development.

With the newly inaugurated Governing Council in place, the Nigerian government is taking a proactive approach to addressing the issue of high gas prices and working towards a more equitable and sustainable future for its citizens.