Average price of 12.5kg cooking gas increased by 58.68% in one year –NBS

• The National Bureau of Statistics says the average retail price of cooking gas increased by 58.68 per cent in one year
• The South-South zone recorded the highest price of cooking gas in October
• The price of 5kg of cooking gas increased by 51.5 per cent in one year

The National Bureau of Statistics (NBS) says the average retail price of a 12.5 kilogramme (kg) cylinder of Liquefied Petroleum Gas (LPG), also known as cooking gas, increased by 58.68 per cent in one year.

In its latest Cooking Gas Price Watch report for October 2024, the NBS stated that the price of 12.5kg of cooking gas increased from N10,545.87 in October 2023 to N16,734.55 in October 2024.

On a month-on-month basis, the average retail price of the product increased by 2.58 per cent from N16,313.43 in September 2024 to N16,734.55 in October 2024.

The bureau said, “The average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 2.58 per cent on a month-on-month basis from N16,313.43 in September 2024 to N16,734.55 in October 2024.

“On a year-on-year basis, this rose by 58.68 per cent from N10,545.87 in October 2023.”

Cooking gas price highest in South-South zone in October

The NBS also stated that the South-South geopolitical zone of the country recorded the highest average retail price of 12.5kg of cooking gas in October, with N17,114.67.

It said, “Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (cooking gas) with N17,114.67, followed by the South-East with N16,906.01, while the North-Central recorded the lowest price with N16,411.19.”

The bureau also stated that, according to a state analysis, Rivers recorded the highest average retail price for refilling a 12.5kg cylinder of cooking gas, N17,895, followed by Osun (N17,739.06) and Benue (N17,731.25).

Conversely, the lowest average price was recorded in Katsina, at N14,725.00, followed by Nasarawa and Adamawa, at N15,390.55 and N15,474.21, respectively.

Price of 5kg cooking gas increased by 51.5% in one year

The NBS also noted that the average retail price for refilling a 5kg cylinder of cooking gas increased by 51.58 per cent in one year from N4,562.51 in October 2023 to N6,915.69 in October 2024.

On a month-on-month basis, the price increased by 3.23 per cent from N6,699.63 recorded in September to N6,915.69 in October.

The bureau stated that Borno State recorded the highest average retail price of 5kg cooking gas with N7,939.29, on a state analysis.

It said, “On state profile analysis, Borno recorded the highest average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) with N7,939.29, followed by Yobe with N7,580.00 and Benue with N7,578.00.

“On the other hand, Katsina recorded the lowest price with N6,270.00, followed by Zamfara and Delta with N6,410.71 and N6,427.78 respectively.”

The NBS added that the North-East recorded the highest average retail price for refilling a 5kg cylinder of LPG with N7,319.03, followed by the South-West with N6,961.58, while the North-West recorded the lowest with N6,703.95.

Price of cooking gas has surged in one year

The skyrocketing price of gas, which has soared by 114 per cent in 16 months from N700/kg in June 2023 shortly after President Bola Tinubu assumed office, to N1,500/kg in October 2024, has made many households in Nigeria resort to other alternatives such as charcoal and fuelwood.

Although the government announced the exemption of cooking gas and other key commodities from Value Added Tax (VAT) and a ban on cooking gas export to ease the cost of living, drive down prices and prioritise local supply, the effects are still expected to reflect in the market.

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