Alex Omenye
The National Bureau of Statistics reported a significant 42.97% increase in the average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) from N4,610.48 in March 2023 to N6,591.62 in March 2024.
This marks a monthly rise of 7.10% from N6,154.50 in February 2024.
A state-level breakdown reveals Kano with the highest average price at N7,609.00, trailed by Ogun at N7,363.64, and Akwa Ibom at N7,162.50. Conversely, Adamawa recorded the lowest price at N5,312.50, with Taraba and Zamfara following closely at N5,375.00 and N5,550.00, respectively.
Regionally, the South-South exhibited the highest average price at N7,003.08, trailed by the South-West at N6,723.22, while the North-East reported the lowest at N6,221.30.
Moreover, the average price to refill a 12.5kg cylinder of LPG saw a 5.77% month-on-month increase from N15,060.38 in February 2024 to N15,929.04 in March 2024, and a substantial 55.22% year-on-year surge from N10,262.56 in March 2023.
State-level data depicted Sokoto with the highest average price at N17,833.33, followed by Osun at N17,588.46, and Anambra at N17,417.65. Conversely, the lowest prices were observed in Katsina (N12,400.00), Kebbi (N13,137.50), and Bauchi (N14,484.25).
In terms of zones, the South-South recorded the highest average price at N16,859.85, closely followed by the South-East at N16,734.87, while the North-East reported the lowest at N14,943.48.
Experts in the field attribute the price hikes to a decline in the volume of gas supplied by the LNLG under the Domestic Liquefied Petroleum Gas scheme in recent months.
They also point to the failure of the Federal Government to pursue the Butanisation policy of the 1980s as a contributing factor to the current price surge.
