The National Bureau of Statistics (NBS) has reported a significant surge in the price of liquefied petroleum gas (LPG), commonly known as cooking gas, in August 2024. The cost of a 12.5kg cylinder of LPG rose sharply, with Nigerians paying an average of ₦15,552.56, a 69.15% increase compared to ₦9,194.41 in August 2023.
The report also revealed a month-on-month price jump of 9.05%, rising from ₦14,261.57 in July 2024 to ₦15,552.56 in August 2024.
State-by-State Price Breakdown
Rivers State recorded the highest average price for refilling a 12.5kg cylinder at ₦17,086.36, followed by Cross River at ₦17,050 and Abia at ₦17,012.52. In contrast, Bauchi had the lowest average price at ₦13,425.00, with Nassarawa and Adamawa following at ₦13,640.94 and ₦13,725.00, respectively.
Regional Insights
The South-South region had the highest average retail price for refilling a 12.5kg LPG cylinder at ₦16,524.00, while the South-East recorded ₦16,495.78. The North-Central region posted the lowest average price at ₦14,767.41.
Price Increase for 5kg LPG Cylinder
The NBS also noted a significant rise in the cost of a 5kg LPG cylinder, which increased by 7.62% month-on-month, from ₦5,974.55 in July to ₦6,430.02 in August. On a year-on-year basis, this price rose by 56.25% from ₦4,115.32 in August 2023.
Benue and Sokoto states recorded the highest prices for refilling a 5kg cylinder at ₦7,000.00, followed by Rivers at ₦6,954.55 and Borno at ₦6,914.29. Meanwhile, Taraba had the lowest price at ₦5,600.67, with Abuja and Kogi recording ₦5,825 and ₦5,857.56, respectively.
Regional Pricing for 5kg Cylinder
The South-East led with the highest average retail price for a 5kg LPG cylinder at ₦6,585.18. The South-South and North-Central regions followed with average prices of ₦6,451.34 and ₦6,344.29, respectively.
This continued increase in gas prices reflects the ongoing challenges in Nigeria’s energy market, impacting households across the country as they face higher living costs.