The National Bureau of Statistics (NBS) has reported a sharp increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, with a 69.15% rise in the cost of refilling a 12.5kg cylinder over the past year, Okay.ng reports.
According to the NBS’s August 2024 report, Nigerians paid an average of ₦15,552.56 for a 12.5kg cylinder, compared to ₦9,194.41 in August 2023. This marks a significant year-on-year increase as the country faces rising inflation and energy costs.
In July 2024, the average price was ₦14,261.57, reflecting a 9.05% increase month-on-month to ₦15,552.56 in August.
“On a year-on-year basis, this marks a 69.15% rise from ₦9,194.41 in August 2023,” the NBS report noted.
State and Regional Analysis
The report also highlighted regional price differences across Nigeria. Rivers State recorded the highest average price for refilling a 12.5kg LPG cylinder at ₦17,086.36, followed closely by Cross River at ₦17,050, and Abia at ₦17,012.52. On the other hand, Bauchi had the lowest average price at ₦13,425.00, followed by Nassarawa at ₦13,640.94 and Adamawa at ₦13,725.00.
At the regional level, the South-South zone had the highest average retail price for refilling a 12.5kg cylinder at ₦16,524.00, followed by the South-East at ₦16,495.78. The North-Central zone recorded the lowest average price at ₦14,767.41.
Price Hike for 5kg Cylinders
The NBS also reported an increase in the price of 5kg LPG cylinders, which rose by 7.62% month-on-month, from ₦5,974.55 in July to ₦6,430.02 in August 2024. Year-on-year, the price surged by 56.25%, up from ₦4,115.32 in August 2023.
For 5kg cylinders, Benue and Sokoto recorded the highest prices at ₦7,000.00, followed by Rivers at ₦6,954.55 and Borno at ₦6,914.29. Meanwhile, Taraba recorded the lowest price at ₦5,600.67, with Abuja and Kogi trailing at ₦5,825.00 and ₦5,857.56, respectively.
In terms of regional averages for 5kg cylinders, the South-East had the highest price at ₦6,585.18, while the South-South and North-Central zones followed with ₦6,451.34 and ₦6,344.29, respectively.
