The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has risen to N1,300 per kilogram this month, marking an 8.3 percent increase from N1,200 in July.
Similarly, the cost of a 5kg cylinder of cooking gas has climbed by 8.3 percent, reaching N6,500 from N6,000 in July 2024.
In a conversation with Vanguard, the National President of the Nigeria Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr. Olatunbosun Oladapo, acknowledged the recent price hike, attributing it to fluctuations in the exchange rate.
He expressed optimism that prices might decline by the end of the month, adding, “We are monitoring the situation, and although prices are currently dropping gradually, we will reassess at month-end.”
On a related note, the National Bureau of Statistics (NBS) reported in its latest Liquefied Petroleum Gas (Cooking Gas) Price Watch for July 2024 that the average retail price for refilling a 5kg cylinder decreased by 14.23 percent, month-on-month, to N5,974.55 in July 2024, down from N6,996.03 in June.
The report stated “On a year-on-year, YoY basis, this increased by 46.96 percent from N4,072.87 in July 2023. On state profile analysis, Borno state recorded the highest average price for refilling a 5kg cylinder with N7,088.59, followed by Yobe and Sokoto states with N6,935.50 and N6,750.00 respectively.
“On the other hand, Delta state recorded the lowest price with N5,392.86, followed by Zamfara and Kogi states with N5,431.25 and N5,560.63 respectively. In addition, analysis by zone showed that the North-East recorded the highest average retail price for refilling a 5kg Cylinder of cooking gas with N6,446.53, followed by the North-Central with N6,042.33 while the South South recorded the lowest with N5,654.04.”
(Vanguard)
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