The National Bureau of Statistics (NBS) reveals that Nigerians faced a 66% increase in the price of cooking gas in August 2024. Discover the factors behind the price hike and its impact on households.
The average retail cost for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) rose by 69.15 percent, increasing from ₦9,194 in August 2023 to ₦15,552 in August 2024, as reported by the National Bureau of Statistics (NBS).
While the Bureau did not provide a specific explanation for this increase, it is noteworthy that the inflation rate has been on an upward trend in recent months, peaking at 34 percent before slightly declining to 32.15 percent in August, down from 33.40 percent in July 2024.
According to the NBS report titled ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch August 2024’, the average retail price for refilling a 12.5kg cylinder of cooking gas experienced a month-on-month increase of 9.05 percent, rising from ₦14,261 in July 2024 to ₦15,552 in August 2024.
In terms of state analysis, Rivers State recorded the highest average retail price for refilling a 12.5kg cylinder at ₦17,086, followed closely by Cross River at ₦17,050 and Abia at ₦17,012.
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On a year-on-year basis, this represents a 56.25 percent increase from ₦4,115 in August 2023.
In the analysis of 5kg cylinder refilling prices by state, Benue and Sokoto reported the highest average price at ₦7,000, followed by Rivers at ₦6,954 and Borno at ₦6,914.
Conversely, Taraba had the lowest price at ₦5,600, with Abuja and Kogi following at ₦5,825 and ₦5,857, respectively.
Furthermore, a zonal analysis indicated that the South-East had the highest average retail price for refilling a 5kg cylinder at ₦6,585, followed by the South-South at ₦6,451, while the North-Central recorded the lowest at ₦6,344.
In terms of the 12.5kg cylinder, the South-South also had the highest average retail price at ₦16,524, followed by the South-East at ₦16,496, with the North-Central reporting the lowest price at ₦14,767.
