The average price of a 12.5kg cylinder of Liquefied Petroleum Gas, commonly used for cooking, reached N16,524 in the South-South geopolitical zone in August, according to the latest data from the National Bureau of Statistics.
This figure marks a notable increase, as the national average price for a 12.5kg cylinder across Nigeria stood at N15,552, reflecting a monthly rise of 9.05% from July’s price of N14,261.57.
Year-on-year comparisons paint an even more dramatic picture, showing a substantial increase of 69.15% from N9,194.41 in August 2023. Among the various regions, the South-South recorded the highest average price for a 12.5kg cylinder at N16,524, closely followed by the South-East at N16,495.78. In contrast, prices in other regions were significantly lower, with the South-West averaging N15,609, the North-West at N15,330, the North-East at N14,912, and the North-Central at N14,767.
A closer look at state-specific data reveals that Rivers State holds the highest average retail price for a 12.5kg refill at N17,086.36, followed by Cross River at N17,050.00 and Abia at N17,012.52. Conversely, Bauchi State recorded the lowest price at N13,425.00, with Nassarawa and Adamawa states following closely at N13,640.94 and N13,725.00, respectively.
In addition to the prices for 12.5kg cylinders, the average retail price for a 5kg cylinder of LPG also saw an increase, rising by 7.62% month-on-month from N5,974.55 in July to N6,430.02 in August. Year-on-year, the price surged by 56.25% from N4,115.32 in August 2023. The South-East emerged as the region with the highest average price for a 5kg cylinder at N6,585.18, while the South-South followed at N6,451.34.
The state profile for the 5kg cylinder indicates that Benue and Sokoto recorded the highest prices, both at N7,000.00, with Rivers State at N6,954.55 and Borno at N6,914.29. Taraba State reported the lowest price for a 5kg refill at N5,600.67, with Abuja and Kogi states at N5,825.00 and N5,857.56, respectively.
The rise in cooking gas prices in August comes after a period of significant decreases in June and July. The price of 5kg cooking gas dropped from N7,418 in June to N6,966, and further to N5,974 in July. This fluctuation reflects ongoing market volatility and underscores the challenges consumers face in managing the costs of essential goods.
