“Cooking Gas Price Surges to ₦15,552: What This Means for Nigerian Households”

– Average price of a 12.5kg LPG cylinder rose to ₦15,552.56 in August 2024 (69.15% increase from August 2023).
– Month-on-month increase of 9.05% from July 2024.
– Rivers State has the highest average price for a 12.5kg cylinder; Bauchi has the lowest.
– Price of 5kg LPG cylinder increased by 7.62% month-on-month and 56.25% year-on-year.
– Benue and Sokoto recorded the highest prices for a 5kg cylinder; Taraba had the lowest.

The National Bureau of Statistics (NBS) has reported a substantial increase in the price of a 12.5kg cylinder of liquefied petroleum gas (LPG), commonly referred to as cooking gas. As of August 2024, the average price soared to ₦15,552.56, marking a dramatic 69.15% rise compared to ₦9,194.41 in August 2023. Additionally, there was a month-on-month increase of 9.05% from July’s price of ₦14,261.57.

Regionally, Rivers State recorded the highest average price for refilling a 12.5kg cylinder at ₦17,086.36, followed closely by Cross River at ₦17,050 and Abia at ₦17,012.52. In contrast, Bauchi had the lowest average price at ₦13,425.00, with Nassarawa and Adamawa at ₦13,640.94 and ₦13,725.00, respectively. The South-South zone had the highest regional average at ₦16,524.00, while the North-Central zone had the lowest at ₦14,767.41.

The report also highlighted a rise in the price of 5kg LPG cylinders, which increased by 7.62% month-on-month, from ₦5,974.55 in July to ₦6,430.02 in August. Year-on-year, the price rose by 56.25% from ₦4,115.32 in August 2023. Benue and Sokoto recorded the highest prices for a 5kg cylinder at ₦7,000.00, while Taraba had the lowest at ₦5,600.67.