NNPC working to address increasing price of LPG ― Kyari

The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, on Monday, said the company is working towards addressing the steadily increasing price of Liquefied Petroleum Gas (LPG).

He said part of the efforts being made is to increase the supply of the commodity as this would further reduce its price.

Kyari spoke at the commissioning of a privately-owned 120metric tonne LPG storage and bottling plant constructed by Emadeb Energy Services Limited at the Lokogoma area of the Federal Capital Territory (FCT).

He explained that the price of gas is determined by international price adding that this also affects prices of other Petroleum products.

His words: “Two things are in place, one is supply and second is the international market of gas. As you are aware, it moves with the international price of every other Petroleum product including crude oil and its derivatives.

“Definitely, it is a reflection of what is happening in the international market. What we are doing is to increase supply. Once supply increases prices will come down.”

He, however, assured that the company would ensure guaranteed supply of gas to the investor company.

“We as NNPC will guarantee supply, that is very important for us and as you are aware, we are NNPC limited we are here to support and also make money for Nigeria and therefore, we will be there in the Upstream to provide gas through our very many initiatives so gas will he made available to this company and entities,” he assured.

While fielding questions from journalists, the Chief Executive Officer (CEO), Emadeb Energy, Mr Debo Olujimi, stressed the need for government to provide enabling environment for private investors.

He said this would enable them to get value for their investments.

“The truth about it is that it is a lot of expenses, it is capital intensive doing gas infrastructure and that is why the government needs to encourage private investors so that they can come in with funds to be able to get value.

“The major issue with electricity today is gas shortage and pricing. So these are things that government needs to help us in looking at,” he said.

He further disclosed that the plant, which is currently a 120MT LPG facility would be expanded to 250MT within the next 12 to 18months.

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