The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, saw a significant increase of 13.75% from N6,521.58 in April 2024 to N7,418.45 in May 2024, according to recent data.
On a year-on-year basis, this represents a staggering rise of 70.12% from N4,360.69 in May 2023.
State-by-State Breakdown
Highest Prices: Benue recorded the highest average price for refilling a 5kg cylinder at N8,012.03, followed by Enugu at N7,926.21, and Ondo at N7,857.53.
Lowest Prices: Yobe had the lowest price at N5,842.31, with Jigawa and Katsina following at N6,521.81 and N6,567.95, respectively.
Regional Analysis
Highest Regional Prices: The South-East region reported the highest average retail price for refilling a 5kg cylinder at N7,680.87, followed by the South-West at N6,593.93.
Lowest Regional Prices: The North-East had the lowest average price at N7,071.84.
In contrast, the average retail price for refilling a 12.5kg cylinder of LPG slightly declined by 0.07% from N15,637.74 in April 2024 to N15,627.40 in May 2024.
However, on a year-on-year basis, the price rose significantly by 63.85% from N9,537.89 in May 2023.
12.5kg Cylinder State-by-State Breakdown
Highest Prices: Zamfara recorded the highest average price for refilling a 12.5kg cylinder at N18,369.33, followed by Bayelsa at N17,772.21, and Abia at N17,538.02.
Lowest Prices: Bauchi reported the lowest average price at N13,076.43, followed by Ebonyi at N13,788.09 and Taraba at N13,860.31.
Regional Analysis for 12.5kg Cylinder
Highest Regional Prices: The South-South region had the highest average retail price for refilling a 12.5kg cylinder at N16,310.02, followed by the North-West at N15,991.13.
Lowest Regional Prices: The North-East reported the lowest price at N15,010.62.
The significant increase in LPG prices across different states and regions highlights the varying impacts of market dynamics and supply chain factors.
The data indicates a notable burden on consumers, especially in states and regions with higher prices.
The fluctuations also underscore the importance of monitoring and potentially addressing the factors driving these price changes to ensure affordable energy access for all Nigerians.
Global Financial Digest
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