CEM REPORT | The price of Liquefied Petroleum Gas (Cooking Gas) has increased by 94.08 percent in Lagos within a year.
This is according to recent data published by the Nigeria Bureau of Statistics (NBS), which stating that the average price for refilling a 5kg Cylinder of Cooking Gas shot from N3,980.00 in February to N4,041.18 in March 2022, reflecting a 1.54 percent month-on-month increase in Lagos.
While the average price arcoss the country generally stood at an average of N3778.30 in March from N3708.58 recorded in February 2022, reflecting an increase of 1.88 percent month-on-month increase for refilling a 5kg cylinder.
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However, on year-on-year basis, the average retail price increased by 83.62 percent from N2057.71 in March 2021.
From the report the state with the highest average retail price for refilling a 5kg Cylinder of Cooking Gas for March 2022, was recorded in Ekiti with N4200.00, followed by Niger with N4163.33 and Imo with N4150.00.
While the state with the lowest average price was Adamawa with N2604.01 followed by Yobe and Kano with N2740.00 and N3300.00 respectively in the same period.
Additional, prices analysed by zones indicates South-East as the highest with N3992.56 average retail price for refilling a 5kg Cylinder of Cooking Gas, followed by South-West with N3900.55 and South-South with N3877.08, while North-East recorded the lowest average retail price with N3419.37.
Russia – Ukraine war ongoing continues to fuel global shortage of petroleum products around the world.