The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has experienced a 38% increase on a month-on-month (MoM) basis, reaching N16,250 for a 12.5kg cylinder compared to N11,735.72 in January 2024.
Additionally, the price of 1kg of gas rose by 37% to N1,300 from N950 during the same period.
The latest report from the Nigeria Bureau of Statistics (NBS) Liquefied Petroleum Price Watch for January 2024 revealed a 3.55% MoM increase in the average retail price for refilling a 5kg cylinder of cooking gas, reaching N5,139.25 compared to N4,952.87 in December 2023.
On a year-on-year (YoY) basis, the 5kg cylinder price saw a 12% increase, rising to N5,139.25 in January 2024 from N4,588.75 in the corresponding period of 2023.
Nassarawa State recorded the highest average price for refilling a 5kg cooking gas cylinder at N5,790.00, followed by Jigawa State at N5,681.82 and Gombe State at N5,660.00.
Conversely, Kaduna State had the lowest price at N4,150.00, followed by Ogun and Osun States with N4,751.04 and N4,763.53, respectively.
Experts say the latest information will pressure the finances of an already stretched citizenry as Nigeria continues to battle inflation.
Comments