Economy
Price of Cooking Gas Rises by 122% Year-on-Year
The average retail price for refilling a 12.5kg cooking gas increased by 3.56% on a month-on-month basis from N9,485.91 in June 2022 to N9,824.07 in July 2022.
A recent report from the Nigerian Bureau of Statistics (NBS) revealed that the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 3.56% on a month-on-month basis from N9,485.91 in June 2022 to N9,824.07 in July 2022.
And on a year-on-year basis, the price of the commodity increased by 122.15% from N4,422.32 in July 2021.
While the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 4.25% on a month-on-month basis from N4,218.38 recorded in June 2022 to N4,397.68 in July 2022.
And on a year-on-year basis, the price of the commodity increased by 105.35% from N2,141.59 in July 2021.
However, as prices are not fixed across the nation there are some states with high prices for the commodity and states with the lowest prices.
On state by state basis, the highest average refilling price for a 5kg Cylinder of Cooking Gas was recorded in Adamawa State with N4,966.67. This was followed by Plateau with N4,650.00 and Kwara and Gombe came third and fourth with N4,625.00 each.
The state with the lowest average refilling price for a 5kg cooking gas was Kano State with N3,981.25. Yobe and Baucho came third and fourth with N4,000 and N4,071.03, respectively.
On a regional basis, the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Cooking Gas with N4,552.62. North-East came second with N4,456.88 while the North-West recorded the lowest with N4,218.27.
Further analysis showed that Ebonyi recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Cooking Gas with N11,212.50, followed by Delta with N10,926.92 and Ekiti with N10,883.67.
While, the lowest average price was recorded in Kastina with N8,355.71. Followed by Yobe and Kano with N8,383.31 and N8,614.29 ,respectively.
Regionally, the South-West recorded the highest average retail price for refilling a 12.5kg Cylinder of Cooking Gas with N10,334.83, followed by the South-South with N10,239.48, while the North-East recorded the lowest price with N9,139.00.