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Cooking gas prices surge in Nigeria: May 2024 report revealed

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Cooking gas prices surge in Nigeria: May 2024 update

The National Bureau of Statistics (NBS) has reported a significant rise in 5kg of cooking gas prices across Nigeria.

According to its latest Cooking Gas Prices Watch released in Abuja on Wednesday, the average price surged from N6,521.58 in April 2024 to N7,418.45 in May 2024, marking a 13.75% increase month-on-month.

Comparatively, the NBS highlighted a substantial 70.12% year-on-year increase from N4,360.69 in May 2023 to N7,418.45 in May 2024. Benue state topped the list with the highest average price of N8,012.03, followed by Enugu at N7,926.21 and Ondo at N7,857.53. Conversely, Yobe recorded the lowest price at N5,842.31, trailed closely by Jigawa and Katsina at N6,521.81 each.

In regional analysis, the South-East recorded the highest average retail price of 5kg cooking gas at N7,680.87, with the South-West following at N6,593.93. Conversely, the North-East reported the lowest average retail price at N7,071.84, according to the NBS.

Additionally, the NBS noted a slight decrease of 0.07% month-on-month in the average retail price for refilling a 12.5kg cooking gas, dropping from N15,637.74 in April 2024 to N15,627.40 in May 2024. On a yearly basis, however, there was a notable increase of 63.85%, up from N9,537.89 in May 2023 to N15,627.40 in May 2024.

State-wise, Zamfara recorded the highest average retail price for refilling a 12.5kg cooking gas at N18,369.33, trailed by Bayelsa at N17,772.21 and Abia at N17,538.02. Conversely, Bauchi reported the lowest average price at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.30, respectively.

Regionally, the South-South posted the highest average retail price for refilling a 12.5kg cooking gas at N16,310.02, while the North-East reported the lowest at N15,010.62, the report stated.

Lawrence Agbo, a tech journalist for over four years, excels in crafting SEO-driven content that boosts business success. He also serves as an AI tutor, sharing his knowledge to educate others. His work has been cited on Wikipedia and various online media platforms.

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