Today, May 11, 2024, marks a significant increase in the cost of cooking gas in Nigeria, as reported by the National Bureau of Statistics (NBS).
According to the latest March Cooking Gas Price Watch, the average price for refilling a 12.5-kilogram cylinder of liquefied petroleum gas has skyrocketed by 55.22%, reaching N15,929.04 compared to N10,262.56 in the same period last year.
This surge is reflected in the month-on-month comparison, where the price surged by 5.77% from February 2024 to March 2024, climbing from N15,060.38 to N15,929.04.
State-wise analysis reveals Sokoto as having the highest average retail price at N17,833.33, followed closely by Osun at N17,588.46 and Anambra at N17,417.65. Conversely, Katsina boasts the lowest average price at N12,400.00, trailed by Kebbi and Bauchi at N13,137.50 and N14,484.25, respectively.
Breaking down the data by zones, the South-South region tops the chart with an average retail price of N16,859.85, followed by the South-East at N16,734.87. On the contrary, the North-East records the lowest price at N14,943.48.
This surge in cooking gas prices adds strain to Nigerian households, coinciding with the country’s soaring inflation. Headline and food inflation rose to 33.20% and 40.01%, respectively, in March 2024.
The NBS plans to release April’s inflation figures next week, providing further insight into Nigeria’s economic landscape amidst these challenging times.
