Nigeria directs security agencies to curb LPG hoarding

The Nigerian government has directed security and regulatory agencies to crack down on hoarding, illegal diversion, and speculative storage of cooking gas, as a sharp nationwide surge in prices places severe strain on households and businesses. The measures were announced following an emergency stakeholders meeting convened in Abuja on Monday, June 22, by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

Officials stated that the Department of State Services, the Economic and Financial Crimes Commission, and the Nigeria Police Force will now support regulators in preventing practices that disrupt supply. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was directed to intensify market surveillance and work with these agencies to eliminate artificial scarcity.

Data presented at the meeting revealed extreme disparities between official guidance and market reality. The regulator's indicative price for liquefied petroleum gas (LPG) ranges from approximately N1,018 to N1,224 per kilogram across different zones. However, consumers are currently paying between N1,400 and N2,100 per kilogram, with prices as high as N2,500 per kilogram...