Nigerians are facing worsening economic conditions as the price of cooking gas continues to soar, compounding the cost-of-living crisis across the nation.
According to the latest data from the National Bureau of Statistics (NBS), the average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG) surged by 58.68% in October 2024, compared to the same period last year. The price jumped from ₦10,545.87 in October 2023 to ₦16,734.55 in October 2024.
State-Level Breakdown
Rivers State recorded the highest average retail price for a 12.5kg refill at ₦17,895.00, followed closely by Osun State at ₦17,739.06 and Benue State at ₦17,731.25.
Conversely, Katsina State reported the lowest price for the same cylinder size at ₦14,725.00, with Nasarawa and Adamawa trailing at ₦15,390.55 and ₦15,474.21, respectively.
Zonal Price Variations
The South-South zone experienced the steepest average price for a 12.5kg refill at ₦17,114.67, followed by the South-East at ₦16,906.01. The North-Central zone recorded the lowest average price at ₦16,411.19.
Smaller Cylinders Also Affected The NBS report also highlighted price increases for smaller cylinders. The average cost of refilling a 5kg cylinder rose 51.58% year-on-year, from ₦4,562.51 in October 2023 to ₦6,927.94 in October 2024.
Highest Prices: Borno State recorded the highest price for a 5kg refill at ₦7,939.29, followed by Yobe at ₦7,580.00 and Benue at ₦7,578.00. Lowest Prices: Katsina State offered the lowest price at ₦6,270.00, with Zamfara and Delta states close behind at ₦6,410.71 and ₦6,427.78, respectively.
Regional Trends The North-East reported the highest average price for a 5kg refill at ₦7,319.03, followed by the South-West at ₦6,961.58. The North-West recorded the lowest zonal price at ₦6,703.95.
Economic Implications for Nigerians.
The relentless increase in cooking gas prices adds to the economic strain on Nigerians already grappling with inflation, fuel price hikes, and other economic challenges cause by President Bola . Analysts are calling for urgent government intervention to address the rising cost of essential commodities and alleviate the financial burden on households.
