Business
Cooking gas prices surge 7% in August, 56% Year-on-Year—NBS
The average price of cooking gas in Nigeria continues to rise sharply, with a 7.62% increase recorded between July and August 2024, according to the National Bureau of Statistics (NBS).
The latest “Cooking Gas Price Watch” report, released on Sunday in Abuja, shows that the price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) climbed from N5,974.55 in July to N6,430.02 in August.
This also represents a staggering 56.25% increase compared to N4,115.32 in August 2023.
State-by-state analysis reveals significant price disparities, with Benue and Sokoto leading as the most expensive regions, where the cost of refilling a 5kg cylinder reached N7,000.
Rivers and Borno followed closely with prices at N6,954.55 and N6,914.29, respectively.
READ ALSO: NBS reports significant decline in cooking gas prices for June 2024
In contrast, Taraba offered the lowest price at N5,600.67, followed by Abuja (N5,825.00) and Kogi (N5,857.56).
Regional analysis showed that the South-East experienced the highest average retail price for a 5kg refill at N6,585.18, with the South-South zone trailing at N6,451.34. North-Central Nigeria recorded the lowest average at N6,344.29.
Prices for larger 12.5kg cylinders also saw significant increases, rising by 9.05% from N14,261.57 in July to N15,552.56 in August. Year-on-year, the price for refilling a 12.5kg cylinder jumped 69.15% from N9,194.41 in August 2023.
Rivers again topped the price chart for 12.5kg refills at N17,086.36, followed by Cross River (N17,050.00) and Abia (N17,012.52).
The lowest price was recorded in Bauchi at N13,425.00, followed by Nassarawa (N13,640.94) and Adamawa (N13,725.00).
Regional analysis for the 12.5kg cylinders showed the South-South zone had the highest average price at N16,524.00, followed by the South-East at N16,495.78, while the North-Central region posted the lowest at N14,767.41.
The rising cost of cooking gas is placing increasing financial pressure on households across the country, with some regions experiencing sharper increases than others.