The National Bureau of Statistics (NBS) has reported a significant 63.85% increase in the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), commonly known as cooking gas, over the past year.
According to the NBS report on LPG price watch for May 2024, released on June 20, the average price for refilling a 12.5kg cylinder of cooking gas rose to N15,627.40 in May 2024, compared to N9,537.89 in May 2023.
On a month-on-month basis, the bureau noted a slight decline in the average retail price for refilling a 12.5kg cylinder of LPG by 0.07% from N15,637.74 in April 2024 to N15,627.40 in May 2024.
“The average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 0.07% on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024,” the NBS stated. “On a year-on-year basis, this rose by 63.85% from N9,537.89 in May 2023.”
State and Regional Analysis
The report highlighted significant regional disparities in the cost of LPG across Nigeria. Zamfara recorded the highest average retail price for refilling a 12.5kg cylinder at N18,369.33, followed by Bayelsa at N17,772.21, and Abia at N17,538.02. In contrast, the lowest average price was found in Bauchi at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.31, respectively.
“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 N16,310.02, followed by the North-West with N15,991.13, while the North-East recorded the lowest price with N15,010.62,” the report added.
5kg LPG Cylinder Price Surge
The NBS also reported a notable increase in the price of refilling a 5kg cylinder of LPG. The average retail price rose by 13.75% from N6,521.58 in April 2024 to N7,418.45 in May 2024. On a year-on-year basis, the price surged by 70.12% from N4,360.69 in May 2023.
“On state profile analysis, Benue recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N8,012.03, followed by Enugu with N7,926.21, and Ondo with N7,857.53,” the NBS detailed. “On the other hand, Yobe recorded the lowest price with N5,842.31, followed by Jigawa and Katsina with N6,521.81 and N6,567.95, respectively.”
Regionally, the South-East recorded the highest average retail price for refilling a 5kg cylinder at N7,680.87, followed by the South-West at N6,593.93. The North-East recorded the lowest average price at N7,071.84.
