The Nigerian National Petroleum Corporation Limited, (NNPC), has declared its plans to increase domestic supply of LPG (Liquefied Petroleum Gas) even as it pledged its support for private companies in the industry.
NNPC’s Managing Director of the NNPC, Mallam Mele Kyari, made this disclosure during the launch of a 120 metric ton LPG storage and bottling plant owned by an indigenous oil & gas firm, Emadeb Energy Services Limited, in Abuja on Monday.
The NNPC Boss, while speaking at the commissioning assured private investors in the sector of the Corporation’s support as he disclosed its plans to expand production of LPG and deliver more to the local market to help curtail the price hike.
He equally stated that the international market price of the commodity and the challenges in its supply chain are major reasons for the continued hike.
“Two things are at play, one is the supply and the other is the international price of gas.
“It moves with the price of every other petroleum product including crude oil and its derivatives.
“So it is a reflection of what is happening in the international market.
“What we are doing is to increase supply. Once supply is increased the prices will come down” he added,” Kyari noted.
He further explained that the Corporation is looking forward to helping the Government increase its revenue through its support for and partnership with the private sector, in the area of LPG supply.
“We as NNPC have come in and will guarantee supply, which is very important for us as a business.
“We are NNPC Ltd and we are here to support businesses but we are also here to make money for Nigerians.
“Therefore we will be there in the upstream to provide the gas through our very many initiatives including through our trunk lines that we are trying to put in place.
“So gas will be available to these companies and entities. Also we can share data with them around customers and how we can deliver gas to our customers,” he said.