Business Finance Headline News Nigeria Oil&Gas

Rising gas price due to crooked capitalist – Marketers

The President of the Association of Gas Marketers of Nigeria, Mr Oladapo Olatunbosun, says the increased cost of cooking gas is attributable to profiteers in the supply chain.

Additionally, he pointed out that the country produces a lot of the product and blamed the current situation on the failure of regulators in the industry.

Olatunbosun made the statement at a House of Representatives’ investigation hearing on the growing cost of cooking gas and diesel.

According to him, the Nigeria Liquefied Natural Gas NLNG had sold the cooking gas to off-takers at a very concessionary rate.

The difficulty may be overcome, according to Mallam Mele Kyari, Group Managing Director of the NNPC, by increasing the nation’s capacity to produce crude oil.

The hearing, according to Committee on Petroleum Resources (Downstream) Chairman Mr. Mahmud Gaya, would address the commodities’ skyrocketing price increases.

Mr. Gaya said that the deregulation of the petroleum industry would have a favourable effect.

Reporting by Ibrahim Shehu; Editing by Saadatu Albashir