Business

Price of cooking gas increased by 101 per cent in one year — NBS

Published

4 years ago

September 20, 2022

FG initiated process to crash price of cooking gas

The average price of 5 kg of cooking gas cost N4,456.56 in August, up from N4,397.68 in July.

The National Bureau of Statistics (NBS) stated this in its Cooking Gas Price Watch, which was published on Tuesday in Abuja.

It was reported that the pricing in August showed a monthly increase of 1.34 percent from July’s results.

The price in August 2022 was a 101.17 percent rise from the N2,215.33 paid for the same amount of gas in August 2021, according to the report.

According to the survey, Taraba had the highest average price for 5 kg of cooking gas at N4,925.44. Adamawa came in second at N4,920, while Lagos State had the highest average price at N4,782.50.

It also stated that Katsina State had the lowest pricing in August ($4,020), followed by Ogun ($4,057.14) and Yobe ($4,078.46), respectively.

Following the North-East, which had the second highest average retail price for 5 kg of cooking gas at N4,548.03, according to an analysis by geopolitical zones, was the North-Central.

The lowest retail price was N4,285.51 in the North-West.

The average retail price of 12.5 kg of cooking gas grew by 0.77 percent month over month, from N9,824.07 in July to 9,899.34 in August 2022, according to the NBS.

It read, “On an annual basis, the price increased by 119.26% from N4,514.82 in August 2021.

The report added that the highest retail price was recorded in Ebonyi at N11,225 for 12.5kg, followed by Cross River at N10,982.14 and Delta at N10,965.42.

The lowest average price was recorded in Katsina State at N8,150, followed by Yobe and Taraba at N8,212.63 and N8,886.30, respectively.

Similarly, kerosene price rose to N809.52 per litre in August, showing a 2.5 per cent increase over the N789.75 for which it was sold in July.

The report noted that on a year-on-year basis, the average retail price per litre of kerosene rose by 102.38 per cent from N400.01 recorded in August 2021

Further analysis showed that the highest average price per litre of kerosene in August 2022 was recorded in Imo at N1083.33, followed by Ekiti at N1,026.92 and Enugu State at N1,017.74.

The report showed that the lowest price was recorded in Nasarawa State at N625, followed by Rivers at N627.45 and Adamawa at N633.33.

Analysis by geopolitical zones showed that the Southeast recorded the highest average retail price per litre at N953.88, followed by the Southwest with N910.85.

“The South-South recorded the lowest average price at N749.51,’’ it stated.

It added that the average retail price per gallon of kerosene in August was N2,947.65, showing an increase of 2.12 per cent from N2,886.41 in July 2022.

According to the report, the August 2022 price was a 122.4 per cent increase over the price N1,325.39 paid in August 2021.

Analysis by states showed that Abuja paid the highest price of N4,050 per gallon of kerosene in August, followed by Abia where it sold at N3,825 and Enugu State at N3,574.52.

Zamfara recorded the lowest price at N2,280 for a gallon of kerosene followed by Lagos State and Benue where it sold at N2,526.32 and N2,566.67, respectively.

The NBS stated that analysis by geopolitical zones showed that the Southeast recorded the highest average retail price per gallon of kerosene at N3,276.78, followed by the Southwest at N3,073.27.

It added that the Northeast recorded the lowest average retail price at N2,687.63 per gallon.