Cooking gas inflates by 8.3%

Cooking gas, often known as liquefied petroleum gas, is now priced at N1,300/kg this month, up 8.3% month over month from N1,200 in July. Similar to this, the cost of a 5 kilogram cooking gas has increased from N6,000 in July 2024 to N6,500, an 8.3 percent increase.

“We are aware of the recent increase as gas price is influenced by exchange rate, but hopefully the price should drop by the end of the month and we will review and observe what the price will be for the month, but I can say currently the price is dropping gradually,” Mr. Olatunbosun Oladapo, National President of the Nigeria Association of Liquefied Petroleum Gas Marketers, NALPGAM, said in an interview with Vanguard.

The average retail price for refilling a 5 kilogram cylinder dropped by 14.23 percent, MoM, to N5,974.55 in July 2024 from N6,996.03 in June, according to the National Bureau of Statistics’ (NBS) most recent report on Liquefied Petroleum Gas (Cooking Gas) Price Watch for July 2024. According to the report, this climbed by 46.96 percent on a year-over-year, YoY basis from N4,072.87 in July 2023. Based on an examination of state profiles, Borno state had the highest average cost of N7,088.59 to refill a 5-kg cylinder, followed by Yobe and Sokoto states at N6,935.50 and N6,750.00, respectively.

However, Delta state had the lowest price, coming in at N5,392.86, followed by Kogi and Zamfara states at N5,431.25 and N5,560.63, respectively. Furthermore, zone-by-zone research revealed that the South South recorded the lowest average retail price of N5,654.04 while the North-East recorded the highest at N6,446.53, followed by the North-Central at N6,042.33.