South-South Geopolitical Zone Records Highest Average Cooking Gas Price in October
The National Bureau of Statistics (NBS) has released a report showing that the average retail price of a 12.5kg cylinder of liquefied petroleum gas (LPG), also known as cooking gas, experienced a significant year-on-year increase of 58.68% in October 2024.
This sharp rise in price comes amid growing concerns over inflation and its impact on household energy costs. The NBS report highlights the need for closer attention to the increasing cost of cooking gas, which has been a significant burden on many households.
The NBS noted that the average retail price for refilling a 12.5kg cylinder of LPG increased by 2.58% on a month-on-month basis from ₦16,313.43 in September 2024 to ₦16,734.55 in October 2024. On a year-on-year basis, this represents a substantial rise from ₦10,545.87 in October 2023.
The data reveals that Rivers state recorded the highest average retail price for the refilling of a 12.5kg cylinder of LPG, with a price of ₦17,895. This was followed by Osun (₦17,739.06) and Benue (₦17,731.25). In contrast, the lowest average price was recorded in Katsina, with a price of ₦14,725.00.
The analysis by zone showed that the South-South region recorded the highest average retail price for refilling a 12.5kg cylinder of LPG, with a price of ₦17,114.67. This was followed by the South-East, with a price of ₦16,906.01, while the North-Central region recorded the lowest price, with a price of ₦16,411.19.
The NBS also reported an increase in the average retail price for refilling a 5kg cylinder of LPG, which rose by 3.23% on a month-on-month basis from ₦6,699.63 in September to ₦6,915.69 in October. On a year-on-year basis, the price increased by 51.58% from ₦4,562.51 in October 2023.
On a state-by-state analysis, Borno recorded the highest average price for refilling a 5kg cylinder of LPG, with a price of ₦7,939.29, followed by Yobe and Benue, with prices of ₦7,580.00 and ₦7,578.00, respectively. Katsina recorded the lowest price, with a price of ₦6,270.00.
The North-East region recorded the highest average retail price for refilling a 5kg cylinder of LPG, with a price of ₦7,319.03, followed by the South-West, with a price of ₦6,961.58, while the North-West recorded the lowest price, with a price of ₦6,703.95.
In response to the increasing prices, the federal government directed the Nigerian National Petroleum Company (NNPC) Limited and LPG producers to stop exporting the product by November 1 to address the local price hikes.
