Cooking gas price drops by 14.2% in July

There are signs of hope for households as the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), also known as cooking Gas, decreased by 14.23 per cent in July. The product, which sold for N6,966.03 in June 2024, dropped to N5,974.55 in July 2024.

However, on a year-on-year basis, the price increased by 46.69 per cent from N4,072.87 in July 2023.

Most households had switched from using cooking gas in preparing their meals, taking solace in using firewood or charcoal due the steady rise in the price of LPG.

The National Bureau of Statistics (NBS) revealed this in its July 2024 Liquefied Petroleum Gas watch and reported that Borno State recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas with N7,088.59, followed by Yobe with N6,935.50, and Sokoto with N6,750.00.

On the other hand, the report said, Delta recorded the lowest price with N5,392.86, followed by Zamfara and Kogi with N5,431.25 and N5,560.63 respectively.

In addition, analysis by zone showed that the North-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas with N6,446.53, followed by the North-Central with N6,042.33 while the South South recorded the lowest with N5,654.04.

Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas decreased by 9.37 per cent on a month-on-month basis from N15,736.27 in June 2024 to N14,261.57 in July 2024.

On a year-on-year basis, this rose by 55.66 per cent from N9,162.11 in July 2023. On state profile analysis, the he NBS also reported that the average retail price per litre of Household Kerosene (HHK) in July 2024 was N1,769.86, showing an increase of 13.81 per cent compared to N1,555.11 recorded in June 2024.

On a year-on-year basis, the average retail price per litre of the product rose by 40.37 per cent from N1,260.81 in July 2023.

On state profile analysis, the highest average price per litre in July 2024 was recorded in Akwa-Ibom with N2,383.33, followed by Oyo with N2,375.00 and Delta with N2,309.52. On the other hand, the lowest price was recorded in Adamawa with N1,171.11, followed by Taraba with N1,191.30 and Borno with N1,381.58.

In addition, analysis by zone showed that the South-South recorded the highest average retail price per litre of Household Kerosene with N2,086.61, followed by the South-West with N2,051.27, while the North-East recorded the lowest with N1,411.97.

The average retail price per gallon of Household Kerosene paid by consumers in July 2024 was N5,762.10 indicating an increase of 1.11 per cent from N5,698.68 in June 2024. On a year-on-year basis, this increased by 33.81 per cent from N4,306.07 in July 2023.

On state profile analysis, Jigawa recorded the highest average retail price per gallon of Household Kerosene with N7,250.00, followed by Taraba with N7,218.27 and Kebbi with N7,158.33.

On the other hand, Rivers recorded the lowest price with N4,234.62, followed by Delta and Bayelsa with N4,500.00 and N4,800.00 respectively.

Analysis by zone showed that the North-West recorded the highest average retail price per gallon of Household Kerosene with N6,742.41, followed by the North East with N6,174.76, while the North Central recorded the lowest with N4,988.61.