The cost of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, has surged by 38% on a month-on-month basis, soaring to N16,250 for a 12.5kg cylinder compared to N11,735.72 in January 2024.
This steep increase in prices also reflects a 37% rise in the price of 1kg of gas, climbing to N1,300 from N950 during the same period, according to the latest report from the Nigeria Bureau of Statistics (NBS) Liquefied Petroleum Price Watch for January 2024.
The report highlights a 3.55% month-on-month increase in the average retail price for refilling a 5kg cylinder of cooking gas, reaching N5,139.25 compared to N4,952.87 in December 2023. On a year-on-year basis, the price of the 5kg cylinder witnessed a notable 12% increase, rising to N5,139.25 in January 2024 from N4,588.75 in the corresponding period of 2023.
Nassarawa State recorded the highest average price for refilling a 5kg cooking gas cylinder at N5,790.00, followed closely by Jigawa State at N5,681.82 and Gombe State at N5,660.00. Conversely, Kaduna State had the lowest price at N4,150.00, followed by Ogun and Osun States with N4,751.04 and N4,763.53, respectively.
Experts have voiced concerns that these surging gas prices will further burden the already financially stretched citizens, exacerbating the challenges posed by inflation across Nigeria.
