The National Bureau of Statistics (NBS) has revealed a significant surge in the price of liquefied petroleum gas (LPG), commonly known as cooking gas, over the past year, with prices soaring by 46.88%.
According to the latest report from the NBS on LPG price watch for February, the average cost of refilling a 12.5kg cylinder of cooking gas rose to N15,060.38, compared to N10,253.39 recorded in February 2023.
The bureau noted that on a month-on-month basis, there was a 28.33% increase from N11,735.72 in January 2024 to N15,060.38 in February 2024.
In terms of regional analysis, the south-east recorded the highest average retail price for refilling a 12.5kg cylinder of LPG at N15,954.60, followed closely by the south-south at N15,943.40. Conversely, the north-east had the lowest price at N14,035.88.
Furthermore, the NBS reported a 19.75% month-on-month increase in the average retail price for refilling a 5kg cylinder of LPG, rising from N5,139.25 in January 2024 to N6,154.50 in February 2024.
The agency highlighted that on a year-on-year basis, this represented a 33.78% increase from N4,600.57 in February 2023.
Lagos topped the list with the highest average price for refilling a 5kg cylinder of LPG at N6,820.00, trailed by Imo at N6,785.71, and Anambra at N6,750.00. Conversely, Yobe recorded the lowest price at N4,912.50.
In regional analysis, the south-east recorded the highest average retail price for refilling a 5kg cylinder of LPG at N6,616.57, followed by the south-west at N6,513.30. The north-central had the lowest at N5,723.02.
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