A recently published report from the Nigerian Bureau of Statistics (NBS) reveals a 12% increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, within a one-year period. The report, titled 'Liquefied Petroleum Gas (Cooking Gas) Price Watch (January 2024)', indicates that the cost of a 5kg cooking gas rose from N4,589 in January 2023.
According to the findings, the average retail price for refilling a 5kg cylinder experienced a 3.5% month-on-month increase, reaching N5,139 in January 2024 from N4,963 in December 2023. When examining state profiles, Nassarawa recorded the highest average price for refilling a 5kg cylinder at N5,790, followed by Jigawa with N5,682, and Gombe with N5,660. Conversely, Kaduna had the lowest price at N4,150, trailed by Ogun and Osun with N4,751 and N4,763, respectively.
Further analysis by zone indicated that the North-East had the highest average retail price for refilling a 5kg cylinder, standing at N5,296, followed by the North-Central with N5,240. The South-West recorded the lowest price at N4,805.
The report also highlighted a 1.96% month-on-month increase in the average retail price for refilling a 12.5kg cylinder, rising from N11,510 in December 2023 to N11,736 in January 2024. On a year-on-year basis, this reflected a 14.2% increase from N10,277 in January 2023.
When considering state profiles for the 12.5kg cylinder, Cross River recorded the highest average retail price at N13,040, followed by Jigawa with N12,875 and Zamfara with N12,725. In contrast, Kaduna had the lowest average price at N9,699, followed by Kwara and Niger with N10,000 and N10,400, respectively.
The analysis by zone for the 12.5kg cylinder showed the South-South with the highest average retail price at N12,602, followed by the North-West with N12,225. The South-West recorded the lowest price at N11,189. The report comes amid a backdrop of rising living costs in Nigeria, evidenced by a 29.9% inflation rate in January.