Cooking gas price increased by 101% In one year

Cooking Gas |Courtesy

The average price of five-kilogramme (5kg) cooking gas increased from N4,397.68 in July to N4,456.56 in August, said the National Bureau of Statistics (NBS).

The agency disclosed this in its Cooking Gas Price Watch issued on Tuesday. It noted that the price in August indicated a 1.34 per cent increase on a month-on-month basis compared to July.

“On a year-on-year basis, the August 2022 price was a 101.17 percent increase over the price of N2,215.33 paid for the same volume of gas in August 2021,” it stated.

The report added that Taraba recorded the highest average price of N4,925.44 for five-kilogramme cooking gas, followed by Adamawa, which cost N4,920, and Lagos, selling for N4,782.50. It also stated that Katsina recorded the lowest price of N4,020 in August, followed by Ogun and Yobe at N4,057.14 and N4,078.46, respectively.

Analysis by geopolitical zones showed that the North-Central recorded the highest average retail price of N4,615.95 for five-kilogramme cooking gas, followed by the North-East at N4,548.03. The North-West recorded the lowest retail price at N4,285.51.

The NBS also reported that the average retail price of 12.5kg of cooking gas increased to 9,899.34 in August 2022 from N9,824.07 in July, representing a 0.77 per cent month-on-month increase.

“On a year-on-year basis, the price rose by 119.26 per cent from N4,514.82 in August 2021,” it stated.

The report added that the highest retail price was recorded in Ebonyi at N11,225 for 12.5kg, followed by Cross River at N10,982.14 and Delta at N10,965.42. The lowest average price was recorded in Katsina State at N8,150, followed by Yobe and Taraba at N8,212.63 and N8,886.30, respectively.

Similarly, kerosene price rose to N809.52 per litre in August, showing a 2.5 per cent increase over the N789.75 for which it was sold in July. The report noted that on a year-on-year basis, the average retail price per litre of kerosene rose by 102.38 per cent from N400.01 recorded in August 2021.

Further analysis showed that the highest average price per litre of kerosene in August 2022 was recorded in Imo at N1083.33, followed by Ekiti at N1,026.92 and Enugu at N1,017.74. The report showed that the lowest price was recorded in Nasarawa at N625, followed by Rivers at N627.45 and Adamawa at N633.33.

Analysis by geopolitical zones showed that the South-East recorded the highest average retail price per litre at N953.88, followed by the South-West with N910.85.

“The South-South recorded the lowest average price at N749.51,” it stated. The agency added that the average retail price per gallon of kerosene in August was N2,947.65, showing an increase of 2.12 per cent from N2,886.41 in July 2022.

According to the report, the August 2022 price was a 122.4 per cent increase over the price of N1,325.39 paid in August 2021. Analysis by states showed that Abuja paid the highest price of N4,050 per gallon of kerosene in August, followed by Abia, where it sold at N3,825 and Enugu at N3,574.52.

Zamfara recorded the lowest price at N2,280 for a gallon of kerosene, followed by Lagos and Benue, which sold at N2,526.32 and N2,566.67, respectively.

The NBS stated that analysis by geopolitical zones showed that the South-East recorded the highest average retail price per gallon of kerosene at N3,276.78, followed by the South-West at N3,073.27.

It added that the Northeast recorded the lowest average retail price at N2,687.63 per gallon.

(NAN)