Cooking Gas Prices Continue to Drop, Providing Relief for Consumers

The National Bureau of Statistics (NBS) has reported a continued decline in the average price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, last month.

According to the NBS Liquefied Petroleum Gas Price Watch for May 2023, the cost of filling a 5kg cylinder decreased by 6.07 percent, falling from N4,642 in April to N4,360 in May.

While the month-on-month drop is a positive development for consumers, the price of cooking gas increased by 11.20 percent when compared to May 2022, demonstrating a year-on-year rise from N3,921.35. Despite this increase, the declining trend from the previous month offers some respite to households.

The NBS report stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) declined by 6.07 percent on a month-on-month basis from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023. On a year-on-year basis, this rose by 11.20 percent from N3,921.35 in May 2022.”

A closer look at state profiles reveals varying prices across different regions. Bayelsa topped the list with the highest average price for refilling a 5kg cylinder at N5,016, followed closely by Zamfara at N5,000 and Abuja at N4,900.

Moreover, the average retail price for refilling a 12.5kg cylinder of cooking gas also experienced a decline, dropping by 7.61 percent on a month-on-month basis from N10,323 in April to N9,538 in May. However, on a year-on-year basis, there was a 9.30 percent increase from N8,726 in May 2022.

In terms of state profiles for refilling a 12.5kg cylinder, Cross River recorded the highest average retail price at N11,083, followed by Jigawa at N10,975 and Akwa Ibom at N10,174. Conversely, Adamawa boasted the lowest average price at N7,925, with Zamfara and Borno following closely at N8,128 and N8,200, respectively.

When considering regional analysis, the South-South region recorded the highest average retail price for refilling a 12.5kg cylinder at N10,042, closely followed by the South-West at N9,616.89. The North-East region recorded the lowest price at N8,908.

Recent investigations by Investors King have shown further decreases in cooking gas prices. As of this month, consumers can expect prices to be around N4,500 for a 6kg cylinder and N9,500 for a 12.5kg cylinder, providing additional relief for households grappling with rising living costs.