According to NAN, Yakubu disclosed this during an interview on Thursday in Lagos.
Yakubu said that the price of LPG dropped because the international reference price in USD had dropped amidst a relatively stable Naira exchange rate.“The current price of LPG depends on location; as you know, it’s operating in a deregulated market.Yakubu, also the Group Chief Executive Officer of Banner Gas Ltd., said that the government had no role in LPG pricing except to levy taxes on the product.
“All our assessments and recommendations are reserved until we have a full cabinet of the new government,” he said.Between April and May, the price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas has reduced between 12 per cent and 10 per cent on the back of lower crude oil prices and a decline in international gas prices.
He said that the development eased some of the burdens on cash-strapped households, who had been dealing with a hike in the price of the commodity since January 2022, coupled with the surge in petrol prices due to subsidy removal.