The average price of 5kg cooking gas declined by 6.10% in June 2024- the largest in the last 12 months according to data from the National Bureau of Statistics (NBS).... CLICK TO READ THE FULL NEWS HERE▶▶
A review of the price of 5kg LPG in the last 12 months dating back to July 2023 reveals that prices only dropped once in April 2024 which was a 1.06% decline.
In the month under review, the average price of 5kg cooking gas stood at N6,966.03 from N7418.45 recorded in May 2024.
However, on a year-on-year basis, the cost of a 5kg cooking gas moved from N4,068.26 in June 2023 to the current figure- this represents a 71.23% increase over a 12-month period.
According to state profile analysis, Osun recorded the highest average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) at N7,800.00, followed by Edo at N7,750.00, and Ebonyi at N7,590.79.
Price of 12kg cooking gas across Nigeria
Conversely, Yobe had the lowest price at N6,062.50, followed by Jigawa at N6,144.44 and Anambra at N6,338.75. Additionally, a zonal analysis showed that the South-West had the highest average retail price for refilling a 5kg cylinder at N7,241.67, followed by the North-Central at N7,096.51, while the North-West recorded the lowest at N6,660.20.
The average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.70% month-on-month, rising from N15,627.40 in May 2024 to N15,736.27 in June 2024.
On a year-on-year basis, this represents a 72.49% increase from N9,123.25 in June 2023.
In terms of state profile analysis, Cross River recorded the highest average retail price for refilling a 12.5kg cylinder at N16,888.89, followed by Kaduna at N16,754.69 and Abia at N16,708.33.
Conversely, Bauchi had the lowest average price at N13,450.00, followed by Taraba at N13,950.00 and Kogi at N14,455.38. Zonal analysis showed that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder at N16,272.94, followed by the South-East at N15,925.96, while the North-East had the lowest price at N15,104.26.
What this means
The monthly decline in cooking gas prices will come as a temporary relief to households who have seen strain in their budgets due to the inflationary challenges faced by Nigerians propelled by the increase in food and transport prices.
However, the increase in cooking gas prices in the last 12 months might force vulnerable individuals and households to switch from gas to firewood or other polluting energy sources for cooking and other household activities.
This continued increase in prices would stifle efforts to eliminate the use of firewood and coal for cooking in Nigeria.
