The Nigerian National Petroleum Corporation (NNPC), says it is working to crash the price of cooking gas in the country. It said this would be done through the implementation of effective commercial framework that would halt the export of propane and butane from the country. The group general manager, Crude Oil Marketing Division (COMD) of the corporation, Mallam Mele Kyari, disclosed this in a statement issued by the corporation in Abuja, on Thursday, January 10, The News Agency of Nigeria (NAN) reports.
He said that propane and butane were major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas.
He said that the move to stop the export of propane and butane which was anchored by the Crude Oil Marketing Division of the Corporation would enable the Corporation boost supply of LPG to the domestic market.
This, he said would lead to a natural downward slide in the price of the product in the country. “Currently some of our butane and propane entitlements are exported largely due to 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,” he said. Meanwhile, Nigerians may pay less for premium motor spirit (PMS) also known as petrol with the recent plunge in the price of crude oil in the international market, the Petroleum Products Pricing Regulatory Agency (PPPRA) has stated.
The general manager, corporate services department of the agency, Apollo Kimchi, in a statement on Monday, January 7, said the reduction in the price of crude oil has led to the price of petrol falling below the government approved pump price of N145/litre, Leadership reports.
The agency noted that it expects the Nigerian National Petroleum Corporation (NNPC) to start recording over-recovery instead of the under-recovery as has been posting if the trend continues.