Timipre Sylva, Minister of State for Petroleum Resources, has said President Muhammadu Buhari is concerned about the rising cost of cooking gas, saying he is taking measures to ensure the prices come down for the yuletide season.
Sylva made this known to State House correspondents on Tuesday after he, alongside Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and Farouk Ahmed, CEO of the Nigerian Downstream and Midstream Petroleum Regulatory Authority (NMDPRA), met with the president at the Presidential Villa, Abuja.
According to the minister, the Federal Government does not regulate the price of cooking gas as Liquefied Petroleum Gas (LPG) has since been deregulated, noting that the price is determined by forces in the international market.
He, however, stated that some elements of the pricing would be adjusted internally to enable a reduction.
He said: “We must understand that cooking gas is not subsidised. It is already a deregulated commodity so the price is not determined by the government or anybody here in Nigeria. In fact, gas prices are determined internationally.
“The price of gas internationally now affects the price of gas in our country.
“But there are some issues around value-added Tax (VAT) charges and other taxes on imported gas, which we are handling.
“But, I want to assure you that we are quite concerned and the president also is very concerned; he is aware that the price of gas is high in the market and we are doing everything to see how we can bring down the price of gas, especially as the yuletide approaches.”
