Cooking Gas Prices Increased by 44.62% in 2024 – NBS

ABUJA – The National Bureau of Statistics (NBS) has reported a significant 44.62% rise in the price of Liquefied Natural Gas (LNG), commonly referred to as cooking gas, in 2024. The information was disclosed in a recent report published by the Bureau.

5kg Cylinder Price Trends

According to the NBS, the average retail price for refilling a 5kg cylinder of cooking gas increased by 1.26% on a month-on-month basis, rising from ₦7,088.16 in November 2024 to ₦7,177.27 in December 2024.

Year-on-year, the price jumped from ₦4,962.87 in December 2023, representing a 44.62% surge.

State and Regional Breakdown

• Highest Prices:
  • Taraba recorded the highest average price for refilling a 5kg cylinder at ₦8,074.41.
  • Lagos followed with ₦7,910.71, and Benue with ₦7,900.00.
• Lowest Prices:
  • Delta State had the lowest average price at ₦6,455.00.
  • Ondo (₦6,683.33) and Zamfara (₦6,778.57) were next.

By regional analysis:

• North-East: Recorded the highest average price at ₦7,404.33.
• North-Central: Followed with ₦7,352.32.
• South-South: Had the lowest regional average at ₦6,969.99.

12kg Cylinder Price Trends

For a 12kg cylinder, the average retail price showed a slight decrease of 0.05% month-on-month, dropping from ₦17,283.58 in November 2024 to ₦17,274.16 in December 2024.

However, the annual price comparison showed a sharp increase of 50.08%, rising from ₦11,510.16 in December 2023 to ₦17,274.16 in December 2024.

Contributing Factors

The sharp rise in cooking gas prices has been attributed to reforms introduced by the Bola Ahmed Tinubu administration, which impacted energy costs across the country.

The continuous increase in energy prices has raised concerns among Nigerians, especially as household energy needs remain a critical aspect of daily living.