The average retail price of a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 13.75%, rising from N6,521.58 in April 2024 to N7,418.45 in May 2024.
This significant hike represents a 70.12% increase from the N4,360.69 recorded in May 2023, according to the National Bureau of Statistics LPG price watch for May 2024.
Benue recorded the highest average price for refilling a 5kg cylinder at N8,012.03, followed by Enugu at N7,926.21, and Ondo at N7,857.53. Conversely, Yobe had the lowest price at N5,842.31, with Jigawa and Katsina following at N6,521.81 and N6,567.95, respectively.
The South-East region had the highest average retail price for a 5kg cylinder of cooking gas at N7,680.87, followed by the South-West at N6,593.93. The North-East recorded the lowest average price at N7,071.84.
While the 5kg cooking gas price surged, the average retail price for refilling a 12.5kg cylinder slightly declined by 0.07% month-on-month, dropping from N15,637.74 in April 2024 to N15,627.40 in May 2024. However, this price is still 63.85% higher than the N9,537.89 recorded in May 2023.
Zamfara recorded the highest average retail price for refilling a 12.5kg cylinder at N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02. The lowest prices were found in Bauchi at N13,076.43, Ebonyi at N13,788.09, and Taraba at N13,860.31.
The South-South region recorded the highest average retail price for a 12.5kg cylinder at N16,310.02, followed by the North-West at N15,991.13. The North-East had the lowest price at N15,010.62.
Experts noted a decline in the volume of gas supplied by Nigeria Liquefied Natural Gas under the Domestic Liquefied Petroleum Gas scheme. Another factor cited was the Federal Government’s failure to follow up on the Butanisation policy of the 1980s.
The continued rise in cooking gas prices is expected to put additional pressure on household expenses and exacerbate the inflationary challenges facing Nigerians. Retail food businesses may increase their prices, further straining consumers’ budgets.
Additionally, the hike could force vulnerable members of society to revert to using firewood or other polluting energy sources for cooking, delaying efforts to eradicate such practices in Nigeria.
