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Cooking Gas Prices Surge by 40%, New Report Highlights States with Highest and Lowest Costs

Refilling a 5-kg cylinder of cooking gas, commonly known as liquefied petroleum gas (LPG), cost N6,521.58 at retail in April 2024. According to data from the National Bureau of Statistics (NBS), this price represents a 40.48% increase from N4,642.27 in April 2023. The report, released on Wednesday, May 22, also showed that the price decreased by 1.06% within the last month, from N6,591.62 in March 2024 to N6,521.58 in April 2024.

 

In addition to cooking gas, the retail price of household kerosene (HHK) saw a significant increase. The price of HHK rose by 24.04% in April 2024, reaching N1,439.64, up from N1,160.67 in April 2023. On a monthly basis, the price of kerosene increased by 6.29%, from N1,354.4 in March 2024 to N1,439.64 in April 2024.

 

The report provided a detailed breakdown of the highest and lowest average prices for refilling a 5-kg cooking gas cylinder across various states. Bauchi recorded the highest average price at N7,000, followed closely by Kano at N6,998.67 and Yobe at N6,962.5. On the other end of the spectrum, Adamawa reported the lowest average price at N5,470, followed by Enugu at N5,973.53 and Katsina at N5,981.82.

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For household kerosene, the highest average price per litre was found in Benue at N1,788.47, with Plateau and Kaduna following at N1,717.78 and N1,761.62, respectively. Conversely, Jigawa reported the lowest average price for kerosene at N1,240.74, followed by Kwara at N1,252.38 and Katsina at N1,222.22.

 

The significant increase in the prices of both cooking gas and kerosene can be attributed to a variety of factors, including global oil prices, local production costs, and supply chain challenges. The 40.48% annual increase in LPG prices highlights the growing financial burden on Nigerian households that rely on this fuel for cooking. Despite the slight monthly decrease, the overall trend indicates a steep rise in costs over the past year.

 

Similarly, the 24.04% annual increase in kerosene prices reflects the broader inflationary pressures affecting essential household commodities. The monthly increase of 6.29% further underscores the volatility and upward pressure on fuel prices within the country.

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These rising prices have significant implications for Nigerian households, particularly those with lower incomes. Cooking gas and kerosene are essential for daily living, and the increased costs can strain household budgets, forcing families to make difficult financial choices.

 

The NBS report serves as a critical tool for policymakers, highlighting the need for measures to stabilize fuel prices and mitigate the impact on consumers. Potential strategies could include increasing domestic production, improving supply chain efficiencies, and exploring subsidies or other financial assistance programs for vulnerable households.

 

In conclusion, the substantial increases in the prices of cooking gas and kerosene over the past year highlight the economic challenges facing Nigerian consumers. While the recent slight decrease in LPG prices offers some respite, the overall trend remains concerning. Policymakers must address these issues to ensure that essential household fuels remain affordable for all Nigerians.

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Written by Realinfoteam

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