The National Bureau of Statistics reports a staggering 63.85% year-on-year increase in the price of a 12.5kg cooking gas cylinder, raising concerns over affordability and cost of living for Nigerian households.
The affordability of a basic household necessity in Nigeria has taken a severe hit, as revealed by the latest report from the National Bureau of Statistics (NBS). According to the agency's LPG (cooking gas) price watch for May 2024, the average price for refilling a 12.5kg cylinder of cooking gas has skyrocketed by a staggering 63.85% within a year.
The NBS data shows that the average retail price for refilling a 12.5kg cylinder of cooking gas in May 2024 stood at N15,627.40, a significant increase from N9,537.89 in May 2023. This steep rise in cooking gas prices is expected to exacerbate the cost of living crisis faced by many Nigerian households, particularly those in lower-income brackets.
While the report indicated a marginal 0.07% month-on-month decrease from April 2024 to May 2024, the year-on-year increase remains a cause for concern. Zamfara recorded the highest average retail price at N18,369.33, followed by Bayelsa (N17,772.21) and Abia (N17,538.02). Conversely, Bauchi (N13,076.43), Ebonyi (N13,788.09), and Taraba (N13,860.31) had the lowest average prices.
The NBS report also highlighted a significant increase in the average retail price for refilling a 5kg cylinder of LPG, with a 13.75% month-on-month rise and a 70.12% year-on-year increase. Benue recorded the highest average price at N8,012.03, while Yobe had the lowest at N5,842.31.
As cooking gas prices continue to soar, concerns mount over the impact on household budgets and the potential shift towards less environmentally friendly and potentially hazardous alternatives for cooking, such as kerosene, charcoal, or firewood.
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