The average retail cost for refilling a 12.5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) saw a year-on-year rise of 12.31%, rising from N10,248.97 in December 2022 to N11,510.16 in December 2023.
This is according to the National Bureau of Statistics, latest LPG (cooking gas) price watch for December 2023.
In addition, the NBS reported an 8.70% increase in the average price of 5kg of cooking gas, rising from N4,565.56 in December 2022 to N4,962.87 in December 2023.
On a month-to-month basis, NBS reported that the average cost of a 5kg cooking gas rose from N4,828.18 in November 2023 to N4,962.87 in December 2023.
Analysis of the Report across States
In the state profile analysis, the report indicated that Adamawa had the highest average price for 5kg cooking gas at N5,725.33, followed by Jigawa at N5,686.88, and Lagos at N5,671.05.
Conversely, Ebonyi reported the lowest price at N4,071.43, with Imo and Abia following closely at N4,088.24 and N4,155.88, respectively, according to the report.
According to regional analysis, the North-East recorded the highest average retail price for 5kg cooking gas at N5,256.61, with the North-West following at N5,144.50.
- “The South-East recorded the lowest average retail price at N4,155.59,” the NBS said.
The average retail price for a 12.5kg cooking gas is highest in Cross River at N13,572.22, followed by Edo at N13,265.63 and Delta at N13,041.67.
According to the report, the lowest average price for 12.5kg of cooking gas was documented in Ebonyi at N10,142.86, with Imo and Anambra ranking next at N10,150.90 and N10,264.29.
Reasons cooking gas prices are rising
A recent report explained that cooking gas prices are increasing for two reasons namely; low investment in natural gas exploration across the country and low production of associated gas because of crude oil theft rampant in the Niger Delta.
Although Nigeria boasts of over 200 trillion cbf of natural gas reserves which puts her among the top ten countries with the largest gas reserves in the world, low investment has resulted in her being an importer of LPG.