Friday , June 14 2024

Nigeria Witnesses 12% Surge in Cooking Gas Prices Over the Past Year

The latest report from the Nigerian Bureau of Statistics reveals a significant 12% increase in the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, reaching N4,589 within a year.

In the report titled ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch (January 2024)’, the price for refilling a 5kg cooking gas cylinder saw a 3.5% month-on-month rise, going from N4,963 in December 2023 to N5,139 in January 2024.

Examining state profiles, Nassarawa led with the highest average price for a 5kg cylinder refill at N5,790, followed by Jigawa at N5,682, and Gombe at N5,660. In contrast, Kaduna reported the lowest price at N4,150, followed by Ogun and Osun at N4,751 and N4,763.

Regionally, the North-East had the highest average retail price for a 5kg cylinder refill at N5,296, with the North-Central following at N5,240. Conversely, the South-West reported the lowest at N4,805.

Additionally, the average retail cost for refilling a 12.5kg cylinder increased by 1.96% month-on-month, going from N11,510 in December 2023 to N11,736 in January 2024. On a year-on-year basis, this marked a substantial 14.2% surge from N10,277 in January 2023.

Cross River registered the highest average retail price for a 12.5kg cylinder refill at N13,040, followed by Jigawa at N12,875 and Zamfara at N12,725. Conversely, Kaduna reported the lowest average price at N9,699, followed by Kwara and Niger at N10,000 and N10,400, respectively.

Zone-based analysis showed the South-South recording the highest average retail price for a 12.5kg cylinder refill at N12,602, followed by the North-West at N12,225, while the South-West reported the lowest price at N11,189.

This report emerges amid rising living costs nationwide, contributing to a 29.9% inflation rate in January.

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