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Despite FG’s Gas Masterplan Initiative, Price Of Cooking Gas Rises By 104% In 12 Months

a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 7.57% on a month-on-month basis from N3,921 recorded in May 2022 to N4,218 in June 2022.

The National Bureau of Statistics stated this in a report released on Tuesday in Abuja.

The NBS in its report noted that on a year-on-year basis, the price of cooking gas rose by 103.92 per cent from N2,068.69 in June 2021.

Demand for cooking gas had dropped in recent times to a record low across the country, according to findings.

Market reports showed that consumers had lately either reduced consumption or ditched the commodity for cheaper alternatives such as coal and firewood.

Findings showed that between 55-60 per cent of gas utilised in Nigeria is currently being imported by independent marketers, while the Nigerian Liquefied Natural Gas Limited (NLNG) supplies just 40 percent.

Nigeria has proven reserves equivalent to 306.3 times its annual consumption.

Natural gas is estimated as the fastest growing fossil fuel in the world, and is projected to overtake coal by 2030, as the second largest source of energy.

The NBS Report explained that Adamawa recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,650 followed by Gombe with N4,566 and Niger with N4,540.

On the other hand, Zamfara recorded the lowest average price with N3,700, followed by Yobe and Kano with N3,820 and N3,875 respectively.

In addition, the NBS explained that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,378 followed by the North-East with N4,301, while the North-West recorded the lowest with N3,994.

ENDS

First Bank

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