See why as Marketers gives reasons behind increase in cooking price

• Nigerians are paying high prices when refilling their cooking gas, adding more pressure to households' finances
• The most recent data from the NBS reveals that the average price of 12.5kg cylinders of cooking increased to N15,627
• The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has explained the price hike

PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you!

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerians are facing serious hardship, and one of the key drivers is the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas.

Cooking Gas prices add more pressure on Nigerian households Photo credit: Rizky Ade Jonathan
Source: Getty Images

The National Bureau of Statistics, in its most recent price watch report, revealed that the average price for refilling a 5kg cooking gas cylinder was N7,418.45 in June.

Meanwhile, it cost an average of N15,627.40 to refill a 12.5kg cylinder of cooking gas, a significant increase from the N9,123.25 it was sold for in June 2023.

It is expected that when the NBS releases its next data for July, the quoted price will be much higher.

Cooking gas prices bring more hardship to Nigerians

The latest spike in cooking gas prices has added to the list of challenges facing Nigerian households, many of which are struggling to make ends meet amid rising inflation and dwindling purchasing power.

The rise in cooking gas prices has increased frustration and anger among Nigerian families already struggling to make ends meet amid rising inflation and dwindling purchasing power.

BusinessDay reports that currently, households are paying N1,250 per kilogram for cooking gas.

Marketers explain price hike

In reaction, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) attributed the price hike to the depreciation of the naira because Nigerians still rely on imports.

Olatunbosun Oladapo, president of NALPGAM, told BusinessDay that the major factor driving up cooking gas prices is the difficulty in accessing foreign exchange.

His words:

"The situation is very unfortunate because prices are going higher, and Nigerian consumers are passing through very difficult times because they can no longer afford gas and are now depending on firewood, charcoal, and sawdust for cooking."

He urged the federal government to address the foreign exchange crisis and alleviate the suffering of the masses by providing palliatives and reducing taxes and levies on LPG.

Filling stations adjust petrol prices after NNPC's message

Legit.ng previously reported that petrol stations have adjusted pump prices after the Nigerian National Petroleum Company Limited (NNPC) attributed the scarcity to hitches on supply.

Findings revealed that black marketers were exploiting the situation by selling petrol for as high as N1,300 per litre and N1,500 in some parts of Lagos and Ogun states.

Source: Legit.ng