At N7,241.67, average price of refilling 5kg gas most expensive in South West

A report has revealed that the price of average cooking gas in South West increased to N7,41.67 in June 2024 from N7,593.93 in May 2024, to become the most expense across the region in Nigeria.

This is 4.64 per cent Month-on-Month decline.

The high price of cooking gas in Nigeria can be attributed to hike in global oil and gas prices; the exchange rate between the Nigerian Naira and other major currencies affects the cost of imported goods, including LPG; Disruptions in the supply chain, such as transportation challenges, inadequate storage facilities, or delays in importation, can lead to shortages and higher prices and limited infrastructure for refining and distributing LPG within Nigeria can lead to higher costs. If local production is insufficient, reliance on imports increases costs.

The National Bureau of Statistics (NBS) in its “Liquefied Petroleum Gas (Cooking Gas) Price Watch,” disclosed that North Central with N7,096.51 to refill average cooking gas of 5kg and South South at N7,057.04.

According to the report, Osun State in the month under review reported highest price of average cooking gas of 5kg, followed by Oyo State.

In June 2024, the price of average cooking gas of 5kg in Osun stood at N7,800, a decline of 0.25 per cent from N7,819.31 in May 2024 as price in Oyo stood at N7,350, a decline of 2.10 per cent MoM from N7,507.38.

According to the report, the general average retail price for refilling a 5kg cooking Gas in Nigeria decreased by 6.10 per cent on a MoM basis from N7,418.45 recorded in May 2024 to N6,966.03 in June 2024.

“On a year-on-year basis, this increased by 71.23 per cent from N4,068.26 in June 2023.

“On state profile analysis, Osun recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,800.00, followed by Edo with N7,750.00, and Ebonyi with N7,590.79. On the other hand, Yobe recorded the lowest price with N6,062.50, followed by Jigawa and Anambra with N6,144.44 and N6,338.75 respectively.

In addition, analysis by zone showed that the South-West recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,241.67, followed by the North-Central with N7,096.51 while the North-West recorded the lowest with N6,660.20.

Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.70% on a month-on-month basis from N15,627.40 in May 2024 to N15,736.27 in June 2024. On a year-on-year basis, this rose by 72.49per cent from N9,123.25 in June 2023.

“On state profile analysis, Cross River recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,888.89, followed by Kaduna with N16,754.69 and Abia with N16,708.33.

“Conversely, the lowest average price was recorded in Bauchi with N13,450.00, followed by Taraba and Kogi with N13,950.00 and N14,455.38 respectively. Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,272.94, followed by the South-East with N15,925.96 while the North East recorded the lowest price with N15,104.26.”