NBS Records Substantial Increase in Cooking Gas Prices
The National Bureau of Statistics (NBS) has disclosed a substantial increase in the price of cooking gas, with the cost of refilling a 12.5-kilogram (kg) cylinder of liquefied petroleum gas (LPG) rising by 55.66 percent year-on-year.
According to the latest LPG price watch report for July 2024, Nigerians paid an average of N14,261.57 to refill a 12.5kg cylinder, up from N9,162.11 in July 2023.
The report indicates a 9.37 percent decrease in the average retail price on a month-to-month basis, from N15,736.27 in June 2024 to N14,261.57 in July 2024. Despite this recent drop, the year-on-year increase remains significant.
Regionally, Gombe recorded the highest average price for refilling a 12.5kg cylinder, at N15,872.22. It was followed by Yobe and Taraba with average prices of N15,823.32 and N15,625.00, respectively. On the other hand, Bauchi had the lowest average price at N13,314.47, with Enugu and Nassarawa following closely at N13,411.39 and N13,413.81, respectively.
The report highlights that the north-east region had the highest average retail price at N15,075.16, followed by the north-west at N14,454.86 and the north-central at N13,611.68.
Additionally, the NBS reported a 14.23 percent decrease in the average price for refilling a 5kg cylinder of cooking gas on a month-to-month basis, from N6,966.03 in June 2024 to N5,974.55 in July 2024. However, there was a 46.69 percent increase in the year-on-year price for the 5kg cylinder, which stood at N5,974.55 compared to N4,072.87 in July 2023.
These fluctuations in cooking gas prices reflect broader trends in the energy market, impacting household expenses and living costs across Nigeria.
About The Author
