Price of cooking gas rises 8.3% to N1,300/kg – Investigation

Oil & Gas

The price of Liquefied Petroleum Gas or cooking gas has rising to N1,300/Kg this month, representing 8.3 per cent, month-on-month, MoM from N1,200 in July.

Similarly, the price of 5kg cooking gas has rising by 8.3 percent to N6,500 from N6,000 it was sold in July 2024.

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Speaking to Vanguard, National President of the Nigeria Association of Liquefied Petroleum Gas Marketers, NALPGAM, Mr. Olatunbosun Oladapo said, “We are aware of the recent increase as gas price is influenced by exchange rate but hopefully the price should drop by the end of the month and we will review and observe what the price will be for the month, but I can say currently the price is dropping gradually.”

Meanwhile, the National Bureau of Statistics, NBS, latest report on Liquefied Petroleum Gas (Cooking Gas) Price Watch for July 2024 disclosed that the average retail price for refilling a 5kg cylinder fell by 14.23 percent, MoM to N5,974.55 in July 2024 from N6,996.03 in June.

The report stated “On a year-on-year, YoY basis, this increased by 46.96 percent from N4,072.87 in July 2023. On state profile analysis, Borno state recorded the highest average price for refilling a 5kg cylinder with N7,088.59, followed by Yobe and Sokoto states with N6,935.50 and N6,750.00 respectively.

“On the other hand, Delta state recorded the lowest price with N5,392.86, followed by Zamfara and Kogi states with N5,431.25 and N5,560.63 respectively. In addition, analysis by zone showed that the North-East recorded the highest average retail price for refilling a 5kg Cylinder of cooking gas with N6,446.53, followed by the North-Central with N6,042.33 while the South South recorded the lowest with N5,654.04.”