The Minister of State for Petroleum Resources, Chief Timipre Sylva has hinted that the Federal Government may carry out a downward review of the price of Liquefied Petroleum Gas (LPG) also known as domestic gas in the country.
Sylva disclosed this on Monday at the headquarters of the Nigerian National Petroleum Corporation (NNPC), while receiving the report of a committee set up by government in June last year, to recommend an appropriate pricing framework for the strategic sectors of Nigeria’s domestic market including for retail and industrial uses, noting that the body was deliberately enlarged and structured to accommodate people with diverse opinions, dedication and commitment.
According to him “the purpose of the entire report was to reduce the price of gas in order to liberalise the sector for more stakeholders to get involved”.
He added that gas-based industries would continue to dominate and determine the sustainability of the economy at large, noting that gas remains the next big thing in the country.
The purpose of the downward review of price of domestic gas was to encourage the penetration of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG), which is expected to serve as an alternative to petrol, reports ThisDaylive.com.
On his part, the Permanent Secretary, Ministry of Petroleum Resources, Mr. Bitrus Nabasu was optimistic that the ready report and expected implementation would enhance economic development and sustainability of the country.
Also speaking at the occasion, the Chairman of the Committee and Chief Operating Officer, Gas and Power, Nigerian National Petroleum Corporation (NNPC), Mr. Yusuf Usman said the committee evaluated the price of gas in line with global standards. According to him, the pricing must be cost reflective, non-discriminatory, realistic and market-determined.