Why cooking gas price rose by 69% in August despite reduced inflation

• The price of cooking gas increased by 69% in August despite improvements in supply
• The National Bureau of Statistics (NBS) disclosed that the retail price of cooking gas increased from N14,261.57 in July
• The NBS report said that retailers quoted the price of 5kg gas at N6,430 from N4,115 in August 224

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

The National Bureau of Statistics (NBS) said that the average price of liquified natural gas (LPG) increased monthly by 9.05%  from N14,261.57 in July 2024.

The retail price for refilling a 5kg cooking gas cylinder rose by 56.25% in August 2024, from N4,115.32 to N6,430.02 yearly.

Dealers announce new prices for cooking gas as NBS releases inflation figures Credit: Picture Alliance/Contributor
Source: Getty Images

Nigerian states with the highest prices

Monthly, the price of cooking gas rose by 7.62% from N5.874.55 recorded in July 2024 to N6,430 in August 2024.

According to the NBS report, Benue and Sokoto recorded the highest average price for refilling a 5kg cooking gas cylinder at N7,000, followed by Rivers at N6,954.55 and Borno at N6,914.29.

In Contrast, Taraba recorded the lowest price of cooking gas at N5,600.67, followed by Abuja and Kogi at N5,825 and N5,857.56, respectively.

Geopolitical zones with the highest and cheapest prices

Also, the zone-by-zone analysis showed that the South East recorded the highest average retail price for refilling a 5kg cooking gas cylinder, followed by the South-South, with N6,451.34. In contrast, the North-Central recorded the lowest N6,344.29.

Additionally, the average retail price for refilling a 12.5kg cooking gas cylinder rose by 9.05% monthly from N14,261.57 in July 2024 to N15,552 in August 2024. Yearly, the price rose by 69% from N9,194.41 in August 2023.

On state analysis, Rivers recorded the highest average retail price for refilling a 12.5kG cooking gas cylinder: N17,086.36. It was followed by Cross River, with N17,050,00, and Abia, with N17,086.36. Nasarawa and Adamawa followed with N13,640.94 and N13,725.00, respectively.

Nigerians speculate as dealers hike cooking gas prices

Legit.ng earlier reported that despite the government's interventions, many Nigerians have continued to decry the rising cost of liquified petroleum gas (LPG), popularly called cooking gas.

Some Abuja residents told the News Agency of Nigeria (NAN) on Sunday, September 15, 2024, that the government must urgently take action against the rising commodity cost.

They say the move would alleviate and ease some of the challenges facing Nigerians.

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Source: Legit.ng