The recently released report from the Nigerian Bureau of Statistics (NBS) reveals a notable 12% surge in the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, within a year, reaching N4,589.
According to the report titled ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch (January 2024)’, the price for refilling a 5kg cooking gas cylinder witnessed a 3.5% month-on-month increase, rising from N4,963 in December 2023 to N5,139 in January 2024.
When examining state profiles, Nassarawa topped the list with the highest average price for refilling a 5kg cylinder at N5,790, followed by Jigawa at N5,682, and Gombe at N5,660. Conversely, Kaduna reported the lowest price at N4,150, trailed by Ogun and Osun at N4,751 and N4,763, respectively.
Furthermore, regional analysis highlighted the North-East as having the highest average retail price for refilling a 5kg cylinder at N5,296, followed by the North-Central at N5,240. In contrast, the South-West recorded the lowest at N4,805.
Moreover, the average retail cost for refilling a 12.5kg cylinder exhibited a 1.96% month-on-month increase, ascending from N11,510 in December 2023 to N11,736 in January 2024. On a year-on-year comparison, there was a substantial 14.2% surge from N10,277 in January 2023.
In the scrutiny of state profiles, Cross River registered the highest average retail price for refilling a 12.5kg cylinder at N13,040, trailed by Jigawa at N12,875 and Zamfara at N12,725. Conversely, Kaduna reported the lowest average price at N9,699, followed by Kwara and Niger with N10,000 and N10,400, respectively.
Zone-based analysis indicated that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder at N12,602, followed by the North-West at N12,225, while the South-West reported the lowest price at N11,189.
This report surfaces amid a backdrop of escalating living costs nationwide, contributing to a 29.9% inflation rate in January.
