The recent report released by the National Bureau of Statistics (NBS) sheds light on the escalating costs associated with cooking gas in Nigeria, a matter of concern for many households across the nation. According to the NBS’s “Cooking Gas Price Watch” for February 2024, the average price of a 5kg cylinder of cooking gas surged from N5,139.25 in January 2023 to N6,154.50 in February 2024, marking a significant increase of 19.75% within just a month.
Delving deeper into the data, it becomes apparent that this surge in prices is not an isolated incident but rather part of a broader trend. Comparing the figures year-on-year reveals an even more alarming picture, with prices soaring by 33.78% from N4,600.57 in February 2023 to N6,154.50 in February 2024. This substantial increase over a twelve-month period underscores the persistent challenges faced by consumers in accessing affordable cooking gas, a fundamental necessity for many households.
The report also provides insights into the regional variations in cooking gas prices across Nigeria. Unsurprisingly, Lagos, as one of the country’s economic hubs, recorded the highest average price for a 5kg cylinder at N6,820.00, followed closely by Imo and Anambra. Conversely, states like Yobe, Kebbi, and Adamawa reported relatively lower average prices, albeit still reflecting an upward trajectory compared to previous months.
Zooming out to analyze the data by geographical zones reveals further disparities. The South-East emerged as the region with the highest average retail price for a 5kg cylinder of cooking gas, standing at N6,616.57, while the North-Central boasted the lowest average price at N5,723.02. These variations underscore the complex interplay of factors such as supply chain logistics, market dynamics, and regional economic disparities in shaping consumer prices.
In addition to the 5kg cylinders, the report also highlights the escalating costs associated with refilling larger 12.5kg cylinders of cooking gas. On a month-on-month basis, the average retail price for refilling a 12.5kg cylinder surged by a staggering 28.33%, reaching N15,060.38 in February 2024 from N11,735.72 in January 2024. This sharp increase underscores the broader inflationary pressures affecting the energy sector, exacerbating the financial burden on already strained household budgets.
Furthermore, a year-on-year analysis reveals a worrying trend, with prices for refilling 12.5kg cylinders skyrocketing by 46.88% from N10,253.39 in February 2023 to N15,060.38 in February 2024. This double-digit increase underscores the urgent need for policymakers to address underlying structural issues contributing to the rising cost of energy, including but not limited to supply chain inefficiencies, regulatory bottlenecks, and external market dynamics.
Finally, the report provides a granular examination of state-level variations in retail prices for refilling 12.5kg cylinders of cooking gas. Ogun emerged as the state with the highest average retail price, followed closely by Delta and Edo. These findings underscore the localized nature of the challenges faced by consumers, with certain regions bearing a disproportionate burden of rising energy costs.
Conclusion
cooking gas
The NBS’s latest report on cooking gas prices paints a sobering picture of the escalating financial strain facing Nigerian households. From soaring prices for 5kg cylinders to share increases in the cost of refilling larger cylinders, the data highlights the urgent need for concerted action to address the root causes of these inflationary pressures. Only through collaborative efforts across government, industry, and civil society can we hope to mitigate the impact of rising energy costs and ensure the affordability and accessibility of cooking gas for all Nigerians.
Source: guardian.ng
