Prices of liquefied petroleum gas otherwise known as cooking gas continued to soar in Nigeria going by the latest data from the National Bureau of Statistics (NBS) which indicated that on an annual basis, the price of 5kg LPG rose by 1.76 percent from N4,483.75 as of October 2022 to N4,562.51 by October 2023. Also, the price of 12kg LPG increased by 4.93 percent to N10,545.87 in October 2023 compared to N10,050.53 as of October 2022.
The NBS further stated that the 5kg LPG at N4,738.20 in October 2023 in the north west geopolitical zone was the most expensive in the country in October this year.
In the north central zone which comprises Benue, Kogi, Kwara, Nasarawa, Niger, and Plateau states as well as Abuja the Federal Capital Territory, the average price of a 5kg gas in October 2023 increased by 2.34 percent to N4,662.62 in October 2023 as against the N4,555.95 it was sold in September, 2023. While on a year-on-year (YOY) basis, it declined by 1.34 percent when compared to N4,726.07 it was sold in October 2022.
In this region, Benue and Kwara states sold higher than others and it was averagely sold for N5,070.835 in contrast to the N4,772.755 it was sold in the previous month. Meanwhile, the cost of 5kg of cooking gas was the lowest within the north central region in Nasarawa State for N4,150, an increase of 11.41 percent from the previous month.
While for a 12.5kg gas, on a month-on-month basis, the average price for gas in October 2023 soared by 14.44 percent to N10,683.97 as against the N9,335.71 in September of the same year. On a YOY basis, it increased by 4.62 percent to N10,683.97 compared to the N10,212.64 in October of the previous year.
Subsequently, the lowest price for 12.5kg of cooking gas was recorded in Niger State at N9,881.25 in October, while Abuja and Kogi states sold the highest averaging N11,282.5.
The price of a 5kg gas in the North East which includes Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe states on a MOM basis saw an increase of 10.90 percent to N4,623.81 when compared to the N4,169.45 in the previous month. However, on a YOY basis, it increased only by 1 percent, a little higher than the N4,577.86 in October of the previous year.
Still on the 5kg, Adamawa state topped chart with the most expensive gas price in this region with an increase of 7.46 percent to N5,142.86 as against its price in the previous month. As for the state with the lowest price, it was in Bauchi State where the product was averagely sold forN4,250.
The data showed that 12.5kg gas in this region soared by 21.59 percent to N10,558.57 as against the N8,683.62 in September on a MOM basis. While on a YOY basis, the gas increased by 11.13 percent from N9,501.05 in the same month of the previous year.
The highest price was recorded in Borno State at N11,500 in October while Gombe and Taraba states sold the lowest average price at N10,015 in the same period.
Furthermore, the price of a 5kg gas in the North West which comprises Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto, and Zamfara state on a MOM averagely increased by 7.82 percent to N4,738.20 as against the N4,394.40 in the previous month. On a YOY basis, it increased by 6.38 percent from N4,454.04 in October of the previous year.
