Inflation: Cooking Gas Price Rises by 12% in One Year

Biting inflation in Nigeria as pushed up the price of the Liquefied Petroleum Gas (LPG) otherwise known as cooking gas by 12% from N4,589 in one year, according to the latest report by the National Bureau of Statistics (NBS).

The report titled ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch (January 2024)’, said while the price of a 5kg cooking gas went from N4,589 in January 2023, the average retail price for refilling a 5kg cylinder increased by 3.5% on a month-on-month basis from N4,963 recorded in December 2023 to N5,139 in January 2024.

On state profile analysis, Nassarawa recorded the highest average price for refilling a 5kg cylinder of cooking gas with N5,790, followed by Jigawa with N5,682, and Gombe with N5,660.

On the other hand, Kaduna recorded the lowest price with N4,150, followed by Ogun and Osun with N4,751 and N4,763 respectively.

Further analysis of the report by zone showed that the North-East recorded the highest average retail price for refilling a 5kg cylinder with N5,296, followed by the North-Central with N5,240, while the South-West recorded the lowest with N4,805.

In addition, the average retail price for refilling a 12.5kg cylinder increased by 1.96% on a month-on-month basis from N11,510 in December 2023 to N11,736 in January 2024. On a year-on-year basis, this rose by 14.2% from N10,277 in January 2023.

On state profile analysis, Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder with N13,040 followed by Jigawa with N12,875 and Zamfara with N12,725.

On the flip side, the lowest average price was recorded in Kaduna with N9,699, followed by Kwara and Niger with N10,000 and N10,400 respectively.

Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder at N12,602, followed by the North-West with N12,225, while the South-West recorded the lowest price at N11,189.