Gas Price Rises by 101% Within 12 Months — NBS

The National Bureau of Statistics, NBS has disclosed that the price of cooking gas increased by 101.17 percent in August 2022 compared to August 2021.

In August, the average price of 5kg cooking gas increased from N4,397.68 in July to N4,456.56.

The NBS made the claim in its Cooking Gas Price Watch, which was released on Tuesday in Abuja.

It was noted that the price in August increased by 1.34 percent month on month over what was obtained in July.

“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 said.

According to the report, Taraba had the highest average price of N4,925.44 for 5kg cooking gas, followed by Adamawa at N4,920 and Lagos State at N4,782.50.

It also stated that Katsina State had the lowest price of N4,020 in August, followed by Ogun and Yobe, which had prices of N4,057.14 and N4,078.46, respectively.

According to geopolitical zone analysis, the North-Central had the highest average retail price for 5kg cooking gas at N4,615.95, followed by the North-East at N4,548.03.

The lowest retail price was N4,285.51 in the North-West.

The NBS also reported that the average retail price of 12.5kg cooking gas increased by 0.77 percent month on month to N9,899.34 in August 2022 from N9,824.07 in July.

“On a year-over-year basis, the price increased by 119.26% from N4,514.82 in August 2021,” it said.

According to the report, the highest retail price for 12.5kg was recorded in Ebonyi State at N11,225, followed by Cross River State at N10,982.14 and Delta State at N10,965.42.

Katsina State had the lowest average price at N8,150, followed by Yobe and Taraba states at N8,212.63 and N8,886.30, respectively.

Similarly, the price of kerosene increased by 2.5 percent in August to N809.52 per litre, up from N789.75 in July.

According to the report, the average retail price per litre of kerosene increased by 102.38 percent year on year from N400.01 in August 2021.

Further investigation revealed that Imo had the highest average price per litre of kerosene in August 2022, at N1083.33, followed by Ekiti State at N1,026.92 and Enugu State at N1,017.74.

According to the report, Nasarawa State had the lowest price at N625, followed by Rivers State at N627.45 and Adamawa State at N633.33.

According to a geopolitical zone analysis, the South-East had the highest average retail price per litre at N953.88, followed by the South-West at N910.85.

“The South-South recorded the lowest average price at N749.51,” the report said.

It also stated that the average retail price per gallon of kerosene in August was N2,947.65, a 2.12% increase from N2,886.41 in July 2022.

According to the report, the August 2022 price was a 122.4 percent increase over the August 2021 price of N1,325.39.

According to a state-by-state analysis, Abuja paid the highest price of N4,050 per gallon of kerosene in August, followed by Abia at N3,825 and Enugu State at N3,574.52.

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

According to the NBS, a geopolitical zone analysis revealed that the South-East had the highest average retail price per gallon of kerosene at N3,276.78, followed by the South-West at N3,073.27.

It went on to say that the North-East had the lowest average retail price, at N2,687.63 per gallon.

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