Average Price Of 5kg Cooking Gas Stood At N4,115.32 In August –NBS

The National Bureau of Statistics (NBS), says the average price of 5kg of cooking gas increased from N4,072.87 recorded in July to N4,115.32 in August 2023. This is contained in the Bureau’s “Cooking Gas Price Watch’’ for August 2023 released on Monday in Abuja. The report said the August 2023 price represented a 1.04 per cent increase, compared to what was obtained in July 2023. However, the average price of 5kg of cooking gas decreased on a year-on-year basis by 7.66 per cent from N4,456 recorded in August 2022 to N4,115.32 in August 2023. On state profile analysis, the report showed that Kwara recorded the highest average price at N4,816.67 for 5kg cooking gas, followed by Benue at N4,766.67, and Zamfara at N4,756.25. It said on the other hand, Ondo recorded the lowest price at N3,299.29, followed by Ekiti and Nasarawa at N3,330.00 and N3,533.33 respectively. Analysis by zone showed that the North-Central recorded the highest average retail price at N4,501.26, followed by the North-West at N4,340.50 “The South-West recorded the lowest retail price at N3,3737.12,” the NBS said. Also, the NBS said the average retail price for 12.5kg cooking gas increased by 0.35 per cent on a month-on-month basis, from N9,162.11 in July 2023 to N9,194.41 in August 2023. However, the report said the average price of 12.5kg cooking gas dropped by 7.12 per cent on a year-on-year basis, from N9,899.34 recorded in August 2022 to N9,194.41 in August 2023. On state profile analysis, it showed that Cross River recorded the highest average price at N10,172.83 for 12.5kg cooking gas, followed by Ogun at N9,963.64 and Nasarawa at N9,883.37. On the other hand, the report showed that Adamawa recorded the lowest price at N7,597.92, followed by Borno at N8,103.69 and Gombe at N8,173.44. Analysis by zone showed that the South-South recorded the highest average retail price at N9,569.58 for 12.5kg, followed by the South-West at N9,344.17. The report said the North-East recorded the lowest price at N8,631.95. Similarly, the average retail price per litre of Kerosene rose to N1,272.40 in August 2023 on a month-on-month basis, showing an increase of 0.92 per cent, compared to N1,260.81 recorded in July 2023. According to its National Kerosene Price Watch for August 2023, on a year-on-year basis, the average retail price per litre of kerosene rose by 57.18 per cent from N809.52 in August 2022. On state profile analysis, the report showed that Adamawa recorded the highest average price at N1,745.83 per litre of kerosene in August 2023, followed by Benue at N1,468.33 and Abuja at N1,486.89. “On the other hand, Jigawa recorded the lowest price at N1,000 followed by Edo at N1,104.78 and Kaduna at N1,121.79.” The NBS said the analysis further showed that the North-East recorded the highest average retail price per litre of kerosene at N1,370.64, followed by the South-East at N1,332.49. It said the North-West recorded the lowest average retail price per litre of kerosene at N1,163.25. The report said the average retail price per gallon of kerosene paid by consumers in August 2023 was N4,351.53, indicating a 1.06 per cent increase from N4,306.07 in July 2023. “On a year-on-year basis, the average price per gallon of kerosene increased by 47.63 per cent from N2,947.65 recorded in August 2022.” On state profile analysis, it showed that Lagos recorded the highest average price at N5,350.83 per gallon of kerosene, followed by Katsina at N4,991.85 and Borno at N4,897.47. On the other hand, the report said Delta recorded the lowest price at N2,945.71, followed by Rivers and Oyo at N3,287.50 and N3,711.79, respectively. Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N4,637.71, followed by the South-East at N4,590.69. The report said the South-South recorded the lowest average price per gallon of Kerosene at N3,727.30.

Terminal Operators Responsible For Cooking Gas Price Hike -Marketers

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Olatunbosun Oladapo, has accused terminal operators of forcing the price of Liquified Petroleum Gas, LPG, (Cooking Gas) up. The NALPGM President Olatunbosun Oladapo, said if the operators continue to adjust the price, then the price of 12.5kg of LPG may hit N18,000 by December. He therefore called on the Federal Government to check the activities of terminal owners, Gas retailers. Oladapo, said that there has been a sudden increment from between N9 million and N10 million per 20 metric tons to N14 million per 20 metric tons. He said if the federal government doesn’t intervene, the price of gas could “potentially reach N18 million per metric ton by December.” He said: “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, the price could reach as high as N18m per metric ton by December. This means that a 12.5kg could go as high as N18,000. “Terminal owners are hiding under the guise of high foreign exchange to increase the price to further increase the suffering of the masses. “Now, the ordinary man would not be able to buy gas. How many minimum wage earners can afford gas now? Everyone is turning to firewood and charcoal. The surprising thing was that they visited President Tinubu last week, and promised to work together with his administration to make life better. “Now they have come back and started doing something else. Where are all the palliatives and buses they promised to donate? We have not seen anything.” The NALPGM President had in August hinted that Nigerians may pay higher for cooking gas from mid-August 2023. He attributed the reasons for the expected increase to rising international prices, high tax rates, high prices of vessels, forex scarcity, and Naira devaluation.