Cooking Gas Prices Dropped in May 2023—NBS

By Adedapo Adesanya

The cost of refilling the different sizes of liquefied petroleum gas (LPG), commonly known as cooking gas, went down in May 2023, providing some form of succour for Nigerians.

This is according to the latest data released by the National Bureau of Statistics (NBS), which showed considerable drops in the costs of refilling 12.5kg and 5kg cylinders.

In its May 2023 LPG report, the NBS revealed a 7.61 per cent month-on-month decrease in the average retail price for a 12.5kg LPG cylinder, selling at N9,537.89 in May 2023, in contrast to N10,323.33 in April 2023.

However, when compared with the same period of last year, the price increased by 9.30 per cent, as the size was N8,726.30 in May 2022.

The report also highlighted a decline in the average retail price for refilling a 5kg cooking gas cylinder.

On a month-on-month basis, there was a 6.07 per cent decrease, with prices falling from N4,642.27 in April 2023 to N4,360.69 in May 2023, though the cost rose by 11.20 per cent on a year-on-year basis from N3,921.35 in comparison to May 2022.

Nigerians in Cross River, Jigawa, and Akwa Ibom states paid the highest for a 12.5kg LPG refill during the highlighted period. People in Cross River paid N11,083, while those in Jigawa paid N10,975 and people in Akwa Ibom paid N10,174.29.

However, Nigerians in Adamawa, Zamfara and Borno paid the lowest cost for a 12.5kg LPG refill during the highlighted period. In Adamawa, a 12.5kg refill cost N7,925 and N8,128.57 in Zamfara.

Also, Bayelsa recorded the highest average price for refilling a 5kg cylinder of cooking gas with N5,016.67, followed by Zamfara with N5,000.00, and Abuja with N4,900.00.

Meanwhile, Ondo recorded the lowest price with N3,795.83, followed by Nasarawa and Edo with N3,800.00 and N3,837.14, respectively.

There are some indications that gas prices will further drop in the coming months. This is due to continued changes in the international markets, just as efforts to ramp up domestic supply increase.

However, domestic value chain factors like higher interest rates amid the continued fight to bring down inflation and the recent adjustments to foreign exchange operations can turn this around.