Surge In Cooking Gas Prices Raises Concerns By 55% In Nigeria

Surge In Cooking Gas Prices Raises Concerns By 55% In Nigeria

The recent report from the National Bureau of Statistics (NBS) has sparked worries as it reveals a significant increase in the average cost of refilling a 12.5-kilogram Cylinder of Liquefied Petroleum Gas, commonly known as cooking gas. The price surged by 55.22% to ₦15,929.04 in March from ₦10,262.56 in the same month last year.……CONTINUE READING

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Additionally, the price of cooking gas rose by 5.77% month-on-month to ₦15,929.04 in March 2024, compared to ₦15,060.38 in February.

The data also highlights regional variations, with Sokoto, Osun, and Anambra having the highest average retail prices for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas, while Katsina had the lowest average price.

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Furthermore, Governor Alex Otti of Abia State lamented the country’s heavy reliance on imported food, revealing that Nigeria spent approximately N7.8 trillion on food imports over the past six years. He emphasized the need to establish widespread agricultural ventures to address this issue and boost local food production.

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The governor’s remarks underscore the urgency of reducing the nation’s dependency on food imports, especially considering the financial burden it places on the economy.