In May 2024, the average retail price of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, surged by 70.12% compared to the previous year, reaching N7,418.45 from N4,360.69 in May 2023, as reported by the National Bureau of Statistics (NBS) in its latest Liquified Petroleum Gas (Cooking Gas) Price Watch.
The month-on-month (MoM) analysis revealed a 13.75% increase from April 2024, where the price stood at N6,521.58. This increase underscores ongoing challenges in the pricing dynamics of LPG across various states in Nigeria.
The NBS highlighted specific state profiles for May 2024, noting significant disparities in refill prices. Benue recorded the highest average price for a 5kg LPG cylinder at N8,012.03, followed closely by Enugu at N7,926.21 and Ondo at N7,857.53. Conversely, Yobe reported the lowest average price at N5,842.31, with Jigawa and Katsina following at N6,521.81 and N6,567.95, respectively.
Regionally, the South-East emerged with the highest average price for a 5kg refill at N7,680.87, followed by the South-West at N6,593.93. In contrast, the North-East recorded the lowest regional average at N7,071.84, indicative of varied economic factors influencing pricing structures across Nigeria.
Moreover, the report outlined trends for 12.5kg LPG cylinders, indicating a year-on-year increase of 63.85%, with prices escalating to N15,627.40 in May 2024 from N9,537.89 in May 2023. Despite this annual rise, there was a marginal MoM decline of 0.07% from N15,637.74 in April 2024.
Zamfara reported the highest average price for refilling a 12.5kg LPG cylinder at N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02. In contrast, Bauchi recorded the lowest prices at N13,076.43, trailed by Ebonyi at N13,788.09 and Taraba at N13,860.31, underscoring significant pricing variations within different states.
Regionally, the South-South documented the highest average price for a 12.5kg refill at N16,310.02, closely followed by the North-West at N15,991.13. Meanwhile, the North-East again reported the lowest regional average at N15,010.62, reflecting diverse economic conditions influencing pricing trends.
These insights from the NBS highlight the complex dynamics affecting LPG pricing across Nigeria, influenced by regional economic disparities, supply chain challenges, and global market fluctuations. As stakeholders navigate these evolving dynamics, understanding localized pricing variations remains crucial for effective policy formulation and market interventions aimed at ensuring affordability and accessibility of cooking gas nationwide.
