Price Of Cooking Gas Has CHANGED Few Weeks To Christmas; See New Rate Per Kg
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The price of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, has experienced notable volatility in Nigeria, significantly impacting household budgets. As of December 3, 2024, the average cost of refilling a 12. 5kg cylinder has risen to approximately ₦17, 000, marking a 41. 6% increase from ₦12, 000 in July 2024.
HISTORICAL PRICE TRENDS
February 2023:
Refilling a 5kg cylinder cost an average of ₦4, 600. 57.
May 2024:
The price for the same 5kg refill surged to ₦7, 418. 45, a 70. 12% year- on- year increase.
October 2024:
The cost of refilling a 12. 5kg cylinder climbed to an average of ₦16, 734. 55, reflecting a 58. 68% rise compared to October 2023.
Regional Price Variations
Prices for LPG vary across Nigeria due to differences in transportation costs and local demand:
North- East:
Borno State recorded the highest average price for a 5kg refill at ₦7, 939. 29.
North- West:
Katsina State reported the lowest average price at ₦6, 270. 00 for the same refill.
Factors Driving Price Instability
Several factors contribute to the instability of LPG prices in Nigeria:
Supply Constraints:
Despite Nigeria’ s substantial natural gas reserves, limited domestic processing capacity forces reliance on imports to meet demand. This dependency on imports drives price volatility.
Global Market Dynamics:
Fluctuations in international energy prices directly influence LPG costs in Nigeria, as the country remains tied to global market trends.
Currency Depreciation:
The devaluation of the naira increases the cost of imported LPG and associated equipment, resulting in higher prices for consumers.
Infrastructure Challenges:
Nigeria faces inadequate storage and distribution infrastructure, leading to supply bottlenecks and regionally disparate pricing.
Government Policies:
The removal of petrol subsidies and currency devaluation have raised transportation and operational costs, indirectly affecting LPG prices.
Government Intervention
In response to these challenges, the Nigerian government implemented an export ban on LPG to enhance domestic availability. However, this policy has yet to significantly curb prices due to persistent supply chain issues and broader market dynamics.
Current Prices (per kg):
– 1kg: ₦1, 400
– 3kg: ₦4, 200
– 5kg: ₦7, 000
– 6kg: ₦8, 400
– 10kg: ₦14, 000
– 12. 5kg: ₦17, 500
The combination of global influences, domestic constraints, and regional disparities underscores the complexity of LPG pricing in Nigeria.
