Categories: Business

Nigerian govt takes major step to slash LPG, CNG prices

To lower the prices of Liquefied Petroleum Gas and Compressed Natural Gas throughout the nation, the government of Nigeria has established the Governing Council of the Midstream and Downstream Gas Infrastructure Fund.

The fund’s activities are overseen by Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, who announced this on Friday during the seven-member council’s inauguration in Abuja.

He mentioned that the fund hopes to draw $575 billion in capital to the Nigerian gas industry.

“The President’s confidence in my ability to chair the MDGIF is not just a personal honour but a clarion call to service for all of us.

“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity, and a catalyst for sustainable development. This alignment should, in turn, lead to a tangible reduction in the prices of LPG and CNG, benefitting particularly the low-income earners in our society,” Ekpo stated.

Recall that late last year, President Bola Tinubu named a Governing Council to oversee the Midstream and Downstream Gas Infrastructure Fund.

According to a February ZINGTIE research, 12.5 kg LPG prices in Nigeria ranged from N9,699.50 to N13,040, depending on the region.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.

FacebookFacebookXXLinkedinLinkedinMixMixWhatsappWhatsappRedditReddit

Jonathan Nwokpor

Recent Posts

BREAKING: Supreme Court sacks Abure as Labour Party’s National Chairman

Keep up with the latest news and be part of our weekly giveaways and airtime…

35 minutes ago

Natasha’s recall: Kogi SDP passes vote of no confidence on INEC

Keep up with the latest news and be part of our weekly giveaways and airtime…

39 minutes ago

Natasha: How Akpabio, Yahaya Bello’s conspiracy has run into problem – Odinkalu

Keep up with the latest news and be part of our weekly giveaways and airtime…

51 minutes ago

BREAKING: Hakeem Baba-Ahmed, Tinubu’s political adviser, resigns

Keep up with the latest news and be part of our weekly giveaways and airtime…

59 minutes ago

APC reveals Tinubu-Shettima rift amid North Central’s push for 2027 vice presidency

Keep up with the latest news and be part of our weekly giveaways and airtime…

1 hour ago

Sue me over assassination allegation – Natasha challenges Akpabio

Keep up with the latest news and be part of our weekly giveaways and airtime…

1 hour ago