The National Bureau of Statistics reports a 55.66% year-on-year increase in the price of a 12.5kg cooking gas cylinder, averaging N14,261.57 in July 2024. While prices declined month-on-month, the surge raises concerns for Nigerian households facing rising living costs amid economic challenges.
The National Bureau of Statistics (NBS) has announced a striking increase in the price of liquefied petroleum gas (LPG), commonly referred to as cooking gas, with a 55.66% rise recorded over the past year. In July 2024, the average cost to refill a 12.5-kilogram cylinder reached N14,261.57, significantly up from N9,162.11 in July 2023.
This yearly spike has raised concerns among consumers, especially as the country grapples with rising living costs. However, the NBS noted a decrease of 9.37% in prices from June 2024, when the refill cost stood at N15,736.27, indicating some fluctuations in the market.
Regionally, Gombe state reported the highest average price for a 12.5kg cylinder at N15,872.22, while Bauchi offered the lowest at N13,314.47. The report also highlighted that the average retail price for a 5kg cylinder has increased by 46.69% year-on-year, currently averaging N5,974.55. Borno state recorded the highest price for the smaller cylinder at N7,088.59.
The ongoing increases in cooking gas prices are creating challenges for many households, further straining budgets and complicating daily life for Nigerians as they face economic difficulties.
