The average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) rose by 42.97%, from N4,610.48 in March 2023 to N6,591.62 in March 2024, according to the National Bureau of Statistics (NBS).
Comparatively, the price saw a monthly increase of 7.10% from N6,154.50 in February 2024.
A state-level analysis shows that Kano had the highest average price at N7,609.00, followed by Ogun with N7,363.64, and Akwa Ibom at N7,162.50.
In contrast, the lowest price was in Adamawa where the price was N5,312.50, with Taraba and Zamfara following at N5,375.00 and N5,550.00, respectively.
Regionally, the South-South had the highest average price at N7,003.08, followed by the South-West where it sold at N6,723.22, and the North-East which had the lowest at N6,221.30.
Price of 12.5kg cooking gas
Additionally, the average price to refill a 12.5kg cylinder of LPG increased by 5.77% month-on-month from N15,060.38 in February 2024 to N15,929.04 in March 2024, and by 55.22% year-on-year from N10,262.56 in March 2023.
State-level data indicate Sokoto as having the highest average price at N17,833.33, followed by Osun at N17,588.46, and Anambra at N17,417.65. The lowest prices were recorded in Katsina (N12,400.00), Kebbi (N13,137.50), and Bauchi (N14,484.25).
By zone, the South-South again recorded the highest average price at N16,859.85, with the South-East close behind at N16,734.87, while the North-East recorded the lowest at N14,943.48.
Backstory
A review of cooking gas prices conducted by Nairametrics in 2023 revealed that the increase in prices was caused by low investment in natural gas exploration and reduced production of associated gas.
An expert in the field said that there has been a decline in the volume of gas supplied by the LNLG under the Domestic Liquefied Petroleum Gas (DLPG) scheme in the past few months.
Another expert noted that failure of the Federal Government to follow up on the Butanisation policy of the 1980s, noting that it was partly responsible for the hike in prices being witnessed today.
