Economy
Cooking Gas Prices Experience Steady Decline, North-Central Zone Records Highest Prices
Kwara State Leads as North-Central Zone Tops in Retail Gas Prices
The retail price of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, experienced a notable drop in June 2023.
According to the latest report released by the National Bureau of Statistics (NBS), the average price decreased by 6.71 percent on a month-on-month basis to N4,068, down from N4,361 recorded in the month of May 2023.
This downward trend was also evident on a year-on-year basis, witnessing a decline of 3.56 percent from N4,218 in June 2022.
A further breakdown of the report shows that Kwara State emerged as the state with the highest average price for refilling a 5kg cylinder at N4,750. This was closely followed by Niger and Zamfara with prices of N4,691 and N4,683, respectively.
In sharp contrast, Ondo State boasted the lowest average price at a wallet-friendly N3,288. Ekiti and Nasarawa states were close contenders, with prices of N3,288 and N3,365, respectively.
Regional breakdown shows that the North-Central zone topped the chart with an average retail price of N4,422 for a 5kg cooking gas refill. The North-West zone closely followed with N4,260, while the South-West zone recorded the lowest average price at N3,709.
The NBS report also shed light on the retail prices for refilling a larger 12.5kg cooking gas cylinder.
In June 2023, the average price for this size dropped by 4.35 percent month-on-month, settling at N9,123 from N9,378 in May 2023. Similarly, on a year-on-year basis, the price fell by 3.82 percent from N9,486 in June 2022.
Cross River State stood out with the highest average retail price for refilling a 12.5kg cooking gas cylinder at N10,096. Ogun State and Anambra State followed closely behind, reporting average prices of N9,876 and N9,833, respectively.
On the other end of the spectrum, Adamawa State showcased the most pocket-friendly average price at N7,500, with Zamfara and Borno States following suit at N7,929 and N8,000, respectively.
The NBS attributed the drop in gas prices to the decrease in international oil and gas prices, leading to more affordable cooking gas for consumers.
With the cost of living often a top concern for citizens, this decline in cooking gas prices comes as welcome news, providing relief to households and businesses alike.
As the North-Central zone continues to record the highest average retail prices for both 5kg and 12.5kg cooking gas cylinders, consumers and policymakers may focus on understanding the underlying factors behind this trend and explore measures to enhance affordability and accessibility in the region.