The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Mr. Oladapo Olatunbosun, has underscored a concerning trend within the domestic market – the relentless escalation of cooking gas prices, attributing this surge to the persistent foreign exchange crisis gripping the nation. In his recent statement, Olatunbosun shed light on the looming challenges facing consumers as they grapple with the financial ramifications of this ongoing predicament.
Citing the latest findings from the Nigerian Bureau of Statistics (NBS) Liquefied Petroleum Gas Price Watch for February 2024, the trajectory of cooking gas prices becomes starkly apparent. According to the report, the cost of a 12kg cooking gas cylinder has surged by a staggering 52.4% year-on-year, soaring to an eye-watering N15,625, a marked increase from the N10,253.39 recorded during the corresponding period in 2023. Moreover, the NBS report further delineated a substantial 28.33% month-on-month escalation, with the February 2024 price reaching N15,060.38, up from N11,735.72 in January 2024.
Going deeper into the regional dynamics, the analysis revealed intriguing patterns across various states. Ogun State emerged as the frontrunner, boasting the highest average retail price for a 12.5kg cooking gas cylinder, commanding a hefty sum of N16,375.00. Trailing closely behind were Delta State and Edo State, with average prices of N16,333.33 and N16,321.43, respectively. Conversely, Bauchi State bucked the trend, boasting the lowest average price at a comparatively modest N13,167.50, trailed by Katsina and Yobe States at N13,562.50 and N13,610.00, respectively.
Zooming out to a broader regional perspective, a noteworthy dichotomy emerged. The South-East emerged as the costliest region for gas refills, posting an average retail price of N15,954.60, followed closely by the South-South at N15,943.40. In stark contrast, the North-East region stood out for its comparatively lower prices, with an average of N14,035.88 for refilling a 12.5kg cylinder of cooking gas.
Cooking gas
The implications of these escalating prices reverberate beyond mere financial strain, potentially exacerbating existing economic hardships for households already grappling with inflationary pressures. As consumers navigate this challenging landscape, policymakers and industry stakeholders alike face mounting pressure to implement sustainable solutions that alleviate the burden on the populace while addressing the underlying systemic issues contributing to this price surge.
Source: guardian.ng
