South-South Region Sees Highest Cooking Gas Prices In October – NBS Report

South-South Region Sees Highest Cooking Gas Prices In October – NBS Report

The National Bureau of Statistics (NBS) has reported that the South-South region recorded the highest average retail price for a 12.5kg cylinder of liquefied petroleum gas (LPG), commonly known as cooking gas, in October 2024. According to the NBS’s latest Cooking Gas…READ MORE…

Price Watch report, the price for a 12.5kg cylinder rose sharply by 58.68% year-on-year.

The report also highlighted a 2.58% month-on-month increase, with the average price for a refill moving from ₦16,313.43 in September to ₦16,734.55 in October. In comparison to October 2023, when the price stood at ₦10,545.87, this increase signals the growing inflationary pressure on household energy costs.

The NBS provided further breakdowns by state, noting that Rivers recorded the highest average price at ₦17,895, followed by Osun at ₦17,739.06, and Benue at ₦17,731.25. In contrast, Katsina had the lowest price at ₦14,725.00, with Nassarawa and Adamawa following at ₦15,390.55 and ₦15,474.21, respectively.

By region, the South-South had the highest average retail price for a 12.5kg cylinder of cooking gas at ₦17,114.67, followed by the South-East at ₦16,906.01. The North-Central region recorded the lowest price at ₦16,411.19.

Additionally, the NBS noted that the price of a 5kg cylinder of cooking gas also increased by 3.23% from ₦6,699.63 in September to ₦6,915.69 in October, marking a 51.58% rise compared to the same month last year. Borno had the highest price for a 5kg cylinder at ₦7,939.29, while Katsina recorded the lowest at ₦6,270.00.

The NBS report also showed regional differences in the price of the smaller 5kg cylinders, with the North-East recording the highest average price at ₦7,319.03, while the North-West had the lowest at ₦6,703.95.

In response to the rising prices, the federal government directed the Nigerian National Petroleum Corporation (NNPC) and LPG producers to halt exports by November 1, 2024, in an effort to alleviate the local price hikes.

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