The average price of 5kg of Liquified Natural Gas (LNG), commonly known as cooking gas, has soared by 8.70% to N4,962.87 in December 2023 from N4,565.56 in December 2022, according to the latest report from the National Bureau of Statistics (NBS).
The NBS’s LPG price watch for December 2023 revealed that states such as Adamawa, Jigawa, and Ogun experienced the highest prices, while Imo and Ebonyi in the southeast boasted the lowest. The North-East emerged with the highest average retail price for refilling a 5kg cylinder of LNG at N5,256.61, closely followed by the North-West at N5,144.50. Conversely, the Southeast reported the lowest retail price at N4,155.59.
The significant surge in cooking gas prices is a cause for concern, impacting households and businesses globally. This upward trend may lead to financial strain for consumers and businesses reliant on cooking gas, potentially affecting living standards and operating costs.
As the world continues to grapple with economic challenges, the rise in cooking gas prices adds to the existing burdens faced by individuals and enterprises. Moreover, this surge draws attention to the potential impact on inflation rates and economic stability in various regions. Policymakers and industry stakeholders are urged to closely monitor and address this development to mitigate its adverse effects.
The escalation in cooking gas prices underscores the need for sustainable energy solutions and diversified energy sources to ensure affordability and accessibility for all. It also highlights the importance of global cooperation in addressing energy challenges and securing stable energy prices for the future.
