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.

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