How cooking gas prices rose by 114% since Tinubu became President

• The price of cooking gas has risen by over 114% since President Bola Tinubu assumed office last year
• The price of liquified natural petroleum gas (LPG), also known as cooking gas, has skyrocketed from N700 per kilogramme in June 2023
• The increase represents about 114% rise in the 16 months of President Tinubu’s presidency 

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The price of liquified natural petroleum gas (LPG), also known as cooking gas, has skyrocketed from N700 per kilogramme in June 2023 when President Bola Tinubu assumed power to N1,500 in October 2024.

The increase represents a 114% rise in the 16 months of President Tinubu’s presidency.

Cooking gas prices jump by 114% under President Bola Tinubu Credit: Picture Alliance/Contributor
Source: Getty Images

NIPCO boss proffers solution to LPG price

Experts have disclosed that the volatility of the exchange rate caused the rise in LPG prices as the Nigerian government devalued the naira.

The naira devaluation by the present government has caused the naira to become the worst-performing currency globally, trading for as low as N1,700 to a dollar from less than N700 in May 2023.

Legit.ng earlier reported that Suresh Kumar, the Managing Director/Chief Executive of NIPCO Plc, says over 60% of cooking gas consumed in Nigeria is imported.

Kumar revealed at the just-concluded National Conference of the Nigeria Association of Liquified Petroleum Gas Marketers 2024 in Lagos that local LPG production is inadequate, asking the Nigerian government to encourage Chevron to convert more propane output into LPG.

The report shows the rise in cooking gas in September

Experts believe the commodity is poised to rise further due to the fluctuating exchange rate and Nigeria’s import dependence.

The National Bureau of Statistics (NBS) disclosed that the average retail price for refiling a 5kg cylinder of LPG rose by 4.19% monthly from N6.430.02 in August 2024 to N6,699.63 in September 2024.

NBS disclosed that the cooking gas price increased yearly by 59.90% from N4,189.96 in September 2023.

Nigerian states with the highest cooking gas prices

On the state level, Rivers recorded the highest average price for refilling a 5kg cylinder of cooking gas with N7,285.71, followed by Gombe with N7,271.88, and Borno with N7,089.72.

In contrast, Kebbi recorded the lowest price at N5.950, followed by Kano and Benue with N6,133 and N6,143, respectively.

On zone-by-zone analysis, the North East recorded the highest average retail price for refilling a 5kg cylinder of LPG, N6,929.02, followed by the South East, N6,893, while the North West recorded the lowest, N6,382.30.

According to reports, the average retail price for refilling a 12.5kg cooking gas cylinder rose by 4.89% monthly from N15,552 in August to N16,313 in September 2024.

Nigerian zones with the highest cooking gas prices

Yearly, the price of cooking gas increased by 76.41% from N9,247.40 in September 2023.

On state analysis, Rivers recorded the highest LPG price for refiling a 12.5kg cylinder: N17,993, followed by Gombe, N17,943, and Zamfara, N17,475.

In contrast, the lowest average price of LPG was recorded in Adamawa, at N13,983, followed by Nasarawa and Bauchi, at N14,938 and N15,000, respectively.

On zone-by-zone analysis, the South East recorded the highest average retail price for refiling a 12.5kg cylinder of LPG, N16,957, followed by the South West at N16,665, while the North East recorded the lowest, N15,770.75.

Punch reports that the price of cooking has continued to rise from around N300 per kilogramme in 2017 to about N1,500 in October 2024.

Reports say the Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, needs $7.5 billion to achieve clean cooking by 2030.

Dealers increase the cost of refilling cooking gas again

Legit.ng earlier reported that NBS has revealed that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased to N6,699.63 in September 2024.

This represents a 4.19% month-on-month increase from N6,430.02 recorded in August 2024 and a 59.90% year-on-year increase from N4,189.96 in September 2023.

NBS stated this in its latest PMS price watch report, published on its website and analysed by Legit.ng.

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Source: Legit.ng