- The average price of refilling both 5kg and 12.5kg of cooking gas increased by N1,000 respectively within nine months
- The price for 5kg cylinder of cooking gas decreased within two consecutive months of June and July
- TheRadar highlights these changes using data gathered from the NBS
As of September 2024, the National Bureau of Statistics (NBS) said the average retail price for refilling a 5kg cylinder of liquefied petroleum gas (LPG), popularly known as cooking gas increased by 4.19 per cent on a month-on-month basis from N6,430.02 recorded in August 2024 to N6,699.63.
On a year-on-year basis, the bureau said the price increased by 59.90 per cent from N4,189.96 in September 2023.
It also said the average retail price for refilling a 12.5kg cylinder of cooking gas increased from N15,552.56 in August to N16,313.43, representing a 4.89 per cent increase.
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 has announced a ban on cooking gas export to drive down prices and prioritise local supply, the effects are still expected to reflect in the market.
Using data gathered from the NBS, TheRadar highlights the number of times the price of cooking gas has increased in 2024 alone.
New year, new price
In January 2024, the average retail price for refilling a 5kg cylinder of cooking gas increased by 3.55 per cent from N4,962.87 recorded in December 2023 to N5,139.25 in January 2024. On a year-on-year basis, the price increased by 12.00 per cent from N4,588.75 in January 2023.
The average retail price for refilling a 12.5kg cylinder of cooking gas increased by 1.96 per cent on a month-on-month basis from N11,510.16 in December 2023 to N11,735.72 in January 2024, representing a year-on-year increase of 14.19 per cent from N10,277.17 in January 2023.
In February, the price of 5kg of the product increased on average by 19.75 per cent on a month-on-month basis from N5,139.25 recorded in January 2024 to N6,154.50 in February 2024, representing a year-on-year increase of 33.78 per cent from N4,600.57 in February 2023.
For 12.5kg of cooking gas, the average retail price for refilling increased by 28.33 per cent on a month-on-month basis from N11,735.72 in January 2024 to N15,060.38 in February 2024. On a year-on-year basis, the price rose by 46.88 per cent from N10,253.39 in February 2023.
According to the NBS, the average retail price for refilling a 5kg cylinder of cooking gas increased by 7.10 per cent on a month-on-month basis from N6,154.50 recorded in February 2024 to N6,591.62 in March 2024. On a year-on-year basis, the price increased by 42.97 per cent from the N4,610.48 recorded in March 2023.
On the other hand, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 5.77 per cent on a month-on-month basis from N15,060.38 in February 2024 to N15,929.04 in March 2024. On a year-on-year basis, this rose by 55.22 per cent from N10,262.56 in March 2023.
Price of 5kg marginally declined while 12.5kg soared in April
In April, the average price of refilling 5kg cooking gas decreased from N6,591.62 recorded in March 2024 to N6,521.58 in April 2024. On a year-on-year basis, the price increased by 40.48 per cent from N4,642.27 recorded in April 2023 to N6,521.58 in April 2024.
Also, the NBS said the average retail price for refilling a 12.5kg cooking gas declined by 1.83 per cent on a month-on-month basis from N15,929.04 in March 2024 to N15,637.74 in April 2024.
On a year-on-year basis, the average retail price for 12.5kg cooking gas rose by 51.48 per cent from N10,323.33 recorded in April 2023 to N15,637.74 in April 2024.
Price of 5kg soars by over N800, while 12.5 kg decreased in May
In defiance of the marginal decrease recorded in April 2024, the average retail price for refilling a 5kg cylinder of cooking gas increased by 13.75 per cent on a month-on-month basis from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024. On a year-on-year basis, this increased by 70.12 per cent from N4,360.69 in May 2023.
Conversely, the average retail price for refilling a 12.5kg cylinder of cooking gas declined by 0.07 per cent on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024. On a year-on-year basis, this represents a 63.85 per cent increase from N9,537.89 in May 2023.
Price of 5kg cooking gas records two consecutive months of decline in June, July
In June, the average retail price for refilling a 5kg cylinder of cooking gas decreased by 6.10 per cent on a month-on-month basis from N7,418.45 recorded in May 2024 to N6,966.03 in June 2024. The figure represents a year-on-year increase of 71.23 per cent from N4,068.26 in June 2023.
For a 12.5kg cylinder, the average retail price increased by 0.70 per cent on a month-on-month basis from N15,627.40 in May 2024 to N15,736.27 in June 2024, while it increased by 72.49 per cent from N9,123.25 in June 2023 on a year-on-year basis.
For the second consecutive month, the average retail price for filling a 5kg cylinder of cooking gas decreased by 14.23 per cent from N6.966.03 in June to N5,974.55 in July 2024. On a year-on-year basis, the product’s price increased by 46.69 per cent from N4,072.87 in July 2023.
For refilling a 12.5kg cylinder of cooking gas, the average retail price also decreased by 9.37 per cent on a month-on-month basis from N15,736.27 in June 2024 to N14,261.57 in July 2024. The price however rose by 55.66 per cent from N9,162.11 in July 2023 on a year-on-year basis.
Price increase recorded in August
The NBS said the average retail price of a 5kg cylinder of cooking gas rose by 7.62 per cent on a month-on-month basis from N5,974.55 recorded in July 2024 to N6,430.02 in August. On a year-on-year basis, the product increased by 56.25 per cent from N4,115.32 in August 2023.
The average price for refilling 12.5kg of LPG increased from N14,261.57 in July 2024 to N15,552.56 in August 2024, representing a 9.05 per cent month-on-month increase. On a year-on-year basis, the price rose by 69.15 per cent from N9,194.41 in August 2023.
On a year-on-year basis, the price for refilling 12.5kg increased by 69.15 per cent in one year to N15,552.56 in August from the N9,194.41 recorded in August 2023.
Nigerian government removes VAT on some key commodities to ease cost of living
Meanwhile, TheRadar reported that the Federal Government has announced the exemption of diesel, Liquefied Natural Gas (LNG), also known as cooking gas, Compressed Natural Gas (CNG), electric vehicles and others from Value Added Tax (VAT).
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Wednesday, October 2, while unveiling two fiscal incentives to revitalise Nigeria’s oil and gas sector.
