Cooking gas prices skyrocket by 38%, hits ₦16,250 per 12.5kg cylinder, straining household budgets
The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has surged by a staggering 38% on a month-on-month basis, soaring to ₦16,250 for a 12.5kg cylinder, as reported by the Nigeria Bureau of Statistics (NBS). This steep increase comes amid a 37% hike in the price of a 1kg gas cylinder, now priced at ₦1,300 compared to ₦950 in January 2024.
The NBS Liquefied Petroleum Price Watch for January 2024 reveals a 3.55% month-on-month rise in the average retail price for refilling a 5kg cylinder of cooking gas, reaching ₦5,139.25 compared to ₦4,952.87 in December 2023.
On a year-on-year basis, the price of a 5kg cylinder has surged by 12%, climbing to ₦5,139.25 in January 2024 from ₦4,588.75 in the corresponding period of 2023.
Nassarawa State recorded the highest average price for refilling a 5kg cooking gas cylinder at ₦5,790.00, followed closely by Jigawa State at ₦5,681.82 and Gombe State at ₦5,660.00. Conversely, Kaduna State had the lowest price at ₦4,150.00, followed by Ogun and Osun States with ₦4,751.04 and ₦4,763.53, respectively.
Experts have raised concerns over the impact of these soaring gas prices on households, exacerbating the financial strain on citizens already grappling with inflationary pressures across Nigeria.
