NNPC to implement framework to crash price of cooking gas in Nigeria

NNPC to implement framework to crash price of cooking gas in Nigeria

NNPC is working to halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG).
   
   
   
       
       
           
               
                   

NNPC is working to halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG).

               
           
               
                   

The Nigerian National Petroleum Corporation (NNPC) is set to implement an effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas.

               
           
               
                   

Ndu Ughamadu, the Corporation's spokesperson, in statement issued on Friday, January 11, 2019, stated that the move to stop the export of propane and butane which is anchored by the Crude Oil Marketing Division of the Corporation will enable the Corporation boost supply of LPG to the domestic market thereby leading to a natural downward slide in the price of the product in the country.

               
           
               
                   

The NNPC spokesman quoted the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mallam Mele Kyari, as saying: “Currently some of our butane and propane entitlements are exported largely due to a lack of vessels to make sure that these things come into the domestic markets and the absence of a commercial framework. What we are going to do is to make sure we put the right commercial framework in place so that those exports are converted into domestic consumption”.

               
           
               
                   

                                   

A cooking gas refiling station

               

               
           
               
                   

Mallam Kyari who disclosed this at a strategy session said the Division was working in concert with stakeholders to create the enabling environment for in-country production of LPG and cessation of export of the country’s equity butane and propane entitlements due to the absence of in-country vessels for transport and other considerations.

               
           
               
                   

Kyari said the goal is to complete the automation process in the marketing and sale of Nigerian crude oil grades which teed-off in 2017, noting that all hands must be on deck to achieve 100%, end-to-end conclusion of the process.

Source: NNPC to implement framework to crash price of cooking gas in Nigeria

- gist culled from pulseng

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