Gas Prices Surge: 12.5kg Cylinder Up 69.15% – NBS

The National Bureau of Statistics (NBS) has announced a significant rise in the price of a 12.5kg cylinder of liquefied petroleum gas (LPG), which is commonly known as cooking gas. In their latest report for August 2024, they noted that the price increased by 69.15% compared to the previous year.

In August 2024, the average price for a 12.5kg cylinder was ₦15,552.56, up from ₦9,194.41 in August 2023. The report also showed a month-on-month increase, with prices rising from ₦14,261.57 in July 2024 to ₦15,552.56 in August, which is a 9.05% rise.

The NBS stated, “On a year-on-year basis, this marks a 69.15% rise from ₦9,194.41 in August 2023.” When looking at specific states, Rivers had the highest average price for refilling a 12.5kg cooking gas cylinder at ₦17,086.36, followed closely 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 at ₦13,640.94 and ₦13,725.00, respectively.

Regionally, the South-South zone had the highest average price for refilling a 12.5kg cylinder at ₦16,524.00, followed by the South-East at ₦16,495.78. The North-Central zone had the lowest average price at ₦14,767.41.

The report also mentioned that the price of 5kg LPG cylinders increased by 7.62% from July to August, rising from ₦5,974.55 to ₦6,430.02. Compared to last year, this represents a 56.25% increase, up from ₦4,115.32 in August 2023.

In state-specific prices, Benue and Sokoto had the highest costs for refilling a 5kg cylinder at ₦7,000.00. Rivers followed at ₦6,954.55, and Borno at ₦6,914.29. Meanwhile, Taraba recorded the lowest price at ₦5,600.67, with Abuja and Kogi at ₦5,825 and ₦5,857.56, respectively.

Regionally, the South-East had the highest average price for a 5kg LPG cylinder at ₦6,585.18, while the South-South and North-Central zones had averages of ₦6,451.34 and ₦6,344.29, respectively.

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