Cooking gas price increases by 101% in one year – NBS

The average price of 5 kilogrammes of cooking gas increased from N4, 397.68 in July to N4, 456.56 in August.

The assertion was made by the National Bureau of Statistics (NBS), in its Cooking Gas Price Watch issued yesterday, in Abuja.

The NBS noted that the price in August indicated a 1.34 percent increase on a month-on-month basis from what obtained in July. “On a year-on-year basis, the August 2022 price was a 101.17 percent increase over the price of N2,215.33 paid for the same volume of gas in August 2021″, it stated.

The report added that Taraba State recorded the highest average price of N4, 925.44 for the 5kg cylinder, followed by Adamawa State, where it cost N4, 920, while Lagos State where it sold for N4, 782.50. It stated also that Katsina State recorded the lowest price of N4, 020 in August, followed by Ogun and Yobe States, at N4, 057.14 and N4, 078.46, respectively.

A breakdown by geo-political zones showed that the North-Central zone recorded the highest average retail price of N4, 615.95 for a 5kg cylinder, followed by the North-East zone, at N4, 548.03. The North-West zone recorded the lowest retail price at N4, 285.51. The NBS reported also that the average retail price of a 12.5kg cooking gas cylinder increased to N9, 899.34 in August 2022, from N9, 824.07 in July, representing a 0.77% month-on-month increase.

The report added that the highest retail price was recorded in Ebonyi State, at N11, 225 for 12.5kg, followed by Cross-River State, at N10, 982.14 and Delta, at N10, 965.42. The lowest average price was recorded in Katsina State, at N8, 150, followed by Yobe and Taraba States, at N8, 212.63 and N8, 886.30, respectively.

Similarly, kerosene price rose to N809.52 per litre in August, showing a 2.5 per cent increase over the N789.75 for which it was sold in July. The report noted that on a year-on-year basis, the average retail price per litre of kerosene rose by 102.38 per cent from N400.01 recorded in August 2021.

Further analysis showed that the highest average price per litre of kerosene in August 2022 was recorded in Imo at N1083.33, followed by Ekiti at N1, 026.92 and Enugu State at N1, 017.74. The report showed that the lowest price was recorded in Nasarawa State at N625, followed by Rivers at N627.45 and Adamawa at N633.33. An analysis by geo-political zones showed that the South-East recorded the highest average retail price per litre at N953.88, followed by the South-West, with N910.85. “The South-South recorded the lowest average price, at N749.51″, it stated.

It added that the average retail price per gallon of kerosene in August was N2, 947.65, showing an increase of 2.12% from N2, 886.41 in July 2022. According to the report, the August 2022 price was a 122.4% increase over the price N1, 325.39 paid in August 2021. An analysis according to States showed that Abuja, the Federal Capital Territory, paid the highest price of N4, 050 per gallon of kerosene in August, followed by Abia, where it sold at N3, 825 and Enugu State at N3, 574.52.

Zamfara recorded the lowest price at N2, 280 for a gallon of kerosene followed by Lagos State and Benue where it sold at N2, 526.32 and N2, 566.67, respectively.

The NBS further stated that analysis by geo-political zones showed that the Southeast recorded the highest average retail price per gallon of kerosene, at N3, 276.78, followed by the South-West, at N3, 073.27.

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