The National Bureau of Statistics (NBS) has reported a significant increase in cooking gas prices, with the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas shooting up by 7.10% from February to March 2024, hitting N6,591.62
According to the latest NBS report for March 2024, the average price to refill a 5kg cylinder has risen by 7.10% compared to February 2024, reaching N6,591.62. This marks a substantial 42.97% increase from March 2023.
Year-on-year, this marks a staggering 42.97% increase from N4,610.48 in March 2023.
βThe average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (cooking gas) increased by 7.10% on a month-on-month basis from N6,154.50 recorded in February 2024 to N6,591.62 in March 2024.
βOn a year-on-year basis, this increased by 42.97% from N4,610.48 in March 2023,β the report read.
State-wise, Kano has the highest average price at N7,609.00, while Adamawa has the lowest at N5,312.50.
βOn state profile analysis, Kano recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (cooking gas) with N7,609.00, followed by Ogun with N7,363.64, and Akwa Ibom with N7,162.50.
βOn the other hand, Adamawa recorded the lowest price with N5,312.50, followed by Taraba and Zamfara with N5,375.00 and N5,550.00 respectively,β the statement added.
Analysis by zone reveals the South-South with the highest average retail price for refilling a 5kg cylinder at N7,003.08, while the North-East registers the lowest at N6,221.30.
Additionally, the cost of refilling a 12.5kg cylinder has seen a 5.77% increase month-on-month, reaching N15,929.04 in March 2024. Sokoto leads the states with the highest average price at N17,833.33, while Katsina has the lowest at N12,400.00.
The NBS also noted a significant price hike in the 2022-2023 period, with the price of a 12.5kg cylinder rising from N7,413.25 in January 2022 to N10,277.17 in January 2023, representing a 38.63% increase on a year-on-year basis.
