The Federal Government has ordered a crackdown on marketers and distributors found to be artificially inflating the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, across the country.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gave the directive on Monday in Abuja following widespread public outcry over the recent sharp increase in cooking gas prices.
Ekpo described the sudden price hike — which has seen the cost of LPG rise by over 60 percent in some parts of the country — as unjustifiable and exploitative, warning that government will not tolerate actions capable of worsening the cost-of-living crisis.
The Federal Government has directed relevant regulatory agencies to immediately clamp down on marketers hoarding products or engaging in any form of price manipulation. We will not allow Nigerians to be exploited,” the minister said.
He disclosed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) have been mandated to monitor LPG supply and pricing nationwide, ensuring that legitimate operators comply with approved market guidelines.
Ekpo said preliminary findings indicated that some marketers were taking advantage of market volatility and the depreciation of the naira to create artificial scarcity, forcing consumers to pay inflated prices.
He assured that the government is working with producers and importers to stabilize supply and reduce logistics bottlenecks, which have been partly responsible for the high cost of domestic gas.
Nigeria is a gas-rich nation. There is no reason our citizens should be paying such exorbitant prices for cooking gas. We are committed to restoring normalcy to the market,” he added.
The minister further warned that any company found hoarding or engaging in unfair trade practices will face severe sanctions, including license suspension and prosecution.
Meanwhile, the NMDPRA has also announced plans to engage with major LPG suppliers, depot owners, and marketers this week to address supply challenges and review pricing mechanisms.
Consumers across several states, including Lagos, Abuja, Rivers, and Kano, have in recent weeks lamented the steep rise in gas prices, with a 12.5kg cylinder now selling between ₦15,000 and ₦17,000, compared to ₦10,000 a few months ago.
