Cooking Gas, Kerosene Prices Increased By Over 100% In 12 Months

Category: Business News

As Nigerians continue to lament over escalating prices, the prices of cooking gas and kerosene have maintained a steady rise, increasing by 101 per cent and 102.38 per cent respectively in the last year.

The National Bureau of Statistics (NBS) in its Cooking Gas Price and Household Kerosene Price Watch, issued yesterday in Abuja, said the average price of 5 kilograms of cooking gas increased from N4,397.68 in July to N4,456.56 in August.

This, according to the statistics agency, shows that the price in August experienced a 1.34 per cent increase on a month-on-month basis. 

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“On a year-on-year basis, the August 2022 price was a 101.17 per cent 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 5kg cooking gas, followed by Adamawa State where it cost N4,920 and Lagos State where it sold for N4,782.50.

Katsina State recorded the lowest price of N4,020 in August, followed by Ogun and Yobe at N4,057.14 and N4,078.46, respectively.

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For Kerosene, the average retail price per litre of household kerosene (HHK) in August 2022 was N809.52, indicating an increase of 2.5 per cent compared to N789.75 recorded in July 2022.

On a year-on-year basis, the average retail price per litre of the product rose by 102.38 per cent, from N400.01 in August 2021.

On state analysis, the highest average price per litre in August 2022 was recorded in Imo with N1083.33, followed by Ekiti with N1,026.92 and Enugu with N1,017.74. 

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On the other hand, the lowest price was recorded in Nasarawa with N625, followed by Rivers with N627.45 and Adamawa with N633.33.

Reacting to these price increases, Managing Director, 11 Plc, (former Mobil Plc), Adetunji Oyebanji, observed: “Most of the LPG we consume is imported and is subject to the vagaries of the forex currently experienced in other commodities, goods and services in the country.”