The cost of cooking gas has skyrocketed, with a 46.88% increase in the price of a 12.5kg cylinder of Liquified Petroleum Gas on a year-on-year basis. According to the National Bureau of Statistics’ February report, the price surged to N15,060.38 in February 2024 from N10,253.39 in the same month last year. This represents a significant burden on households relying on cooking gas for their daily meals.
Furthermore, the month-on-month increase of 28.33% to N15,060.38 in February 2024 from N11,735.72 in January adds to the financial strain faced by consumers. The rising cost is also evident in the refill price of a 5kg cylinder, which rose to N6,154.50 in February 2024, a 19.75% increase from N5,139.25 in January 2023.
State prices vary, with Ogun recording the highest average cost at N16,375.00, followed closely by Delta at N16,333.33 and Edo at N16,321.43. Conversely, Bauchi has the lowest average price at N13,167.50, with Katsina and Yobe following closely behind.
Regionally, the South-East has the highest average price for refilling a 12.5kg gas cylinder at N15,954.60, with the South-South not far behind at N15,943.40. In contrast, the North-East has the lowest regional price at N14,035.88. These price disparities highlight the financial challenges faced by consumers across different regions in Nigeria.
The sharp increase in cooking gas prices underscores the urgent need for government intervention to alleviate the financial burden on households. As consumers grapple with rising costs, it is essential to monitor and address the factors contributing to these price hikes to ensure affordability and accessibility for all.
