The cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has skyrocketed by 38% on a month-on-month basis, reaching ₦16,250 for a 12.5kg cylinder compared to ₦11,735.72 in January 2024.
This surge in prices is accompanied by a 37% increase in the price of 1kg of gas, which rose to ₦1,300 from ₦950 during the same period, according to the latest report from the Nigeria Bureau of Statistics (NBS) Liquefied Petroleum Price Watch for January 2024.
According to the report, there was a 3.55% month-on-month increase in the average retail price for refilling a 5kg cylinder of cooking gas, reaching ₦5,139.25 compared to ₦4,952.87 in December 2023.
On a year-on-year basis, the 5kg cylinder price saw a significant 12% increase, rising to ₦5,139.25 in January 2024 from ₦4,588.75 in the corresponding period of 2023.
Nassarawa State recorded the highest average price for refilling a 5kg cooking gas cylinder at ₦5,790.00, followed closely by Jigawa State at ₦5,681.82 and Gombe State at ₦5,660.00.
Conversely, Kaduna State had the lowest price at ₦4,150.00, followed by Ogun and Osun States with ₦4,751.04 and ₦4,763.53, respectively.
Experts have expressed concerns that these soaring gas prices will exacerbate the financial burden on the already stretched citizenry, further intensifying the challenges posed by inflation across Nigeria.