Cooking Gas Prices Soar: 13.75% Increase in May 2024, Reports National Bureau of Statistics
Abuja, June 20, 2024 – The National Bureau of Statistics (NBS) has reported a significant rise in the average price of 5kg cooking gas, which climbed from N6,521.58 in April 2024 to N7,418.45 in May 2024. This represents a 13.75% increase within a single month.
According to the NBS's "Cooking Gas Price Watch" for May 2024, released on Wednesday, the price surge also reflects a substantial year-on-year increase of 70.12%, up from N4,360.69 in May 2023 to N7,418.45 in May 2024.
The report highlighted the varying prices across different states. Benue recorded the highest average price at N8,012.03, followed by Enugu at N7,926.21 and Ondo at N7,857.53. Conversely, Yobe had the lowest price at N5,842.31, with Jigawa and Katsina both at N6,521.81.
Regional analysis revealed that the Southeast had the highest average retail price for 5kg cooking gas at N7,680.87, trailed by the Southwest at N6,593.93. The Northeast recorded the lowest average price at N7,071.84.
The NBS also noted a slight decline in the average retail price for refilling a 12.5kg cooking gas cylinder, which dropped by 0.07% from N15,637.74 in April 2024 to N15,627.40 in May 2024. Despite this monthly decrease, the year-on-year price rose significantly by 63.85%, from N9,537.89 in May 2023 to N15,627.40 in May 2024.
In terms of state-specific prices for 12.5kg cooking gas, Zamfara reported the highest average at N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02. Bauchi recorded the lowest price at N13,076.43, with Ebonyi and Taraba at N13,788.09 and N13,860.30, respectively.
The SouthSouth region recorded the highest average retail price for 12.5kg cooking gas at N16,310.02, followed by the Northwest at N15,991.13. The Northeast had the lowest average price at N15,010.62.
