Cooking Gas Prices in Nigeria Rise Again, Up by 3.32% Month-on-Month in October 2024

 Cooking Gas Prices in Nigeria Rise Again, Up by 3.32% Month-on-Month in October 2024

The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, continues to surge, with the average cost of refilling a 5kg cylinder increasing by 3.32% from ₦6,699.63 in September 2024 to ₦6,915.69 in October 2024, according to the latest Cooking Gas Price Watch report by the National Bureau of Statistics (NBS).

On a year-on-year basis, the rise is even more significant, with a 51.58% increase from ₦4,562.51 in October 2023 to the current average of ₦6,915.69.

Regional Breakdown: Northeast Residents Pay the Most

The report highlights significant regional disparities in cooking gas prices:

• The Northeast recorded the highest average price for a 5kg cylinder at ₦7,319.03, making it the costliest region for residents.
• In contrast, the Northwest had the lowest average price, with residents paying ₦6,703.95, slightly below the national average.

State-by-State Analysis

• Highest Prices:
  • Borno: ₦7,939.29
  • Yobe: ₦7,580.00
  • Benue: ₦7,578.00
• Lowest Prices:
  • Katsina: ₦6,270.00
  • Zamfara: ₦6,410.71
  • Delta: ₦6,427.78

12.5kg Cylinder Prices

For the 12.5kg cylinder, prices have also risen:

• Month-on-Month Increase: 2.58%, from ₦16,313.43 in September 2024 to ₦16,734.55 in October 2024.
• Year-on-Year Increase: A staggering 58.68%, up from ₦10,545.87 in October 2023.

State-by-State Breakdown

• Highest Prices:
  • Rivers: ₦17,895.00
  • Osun: ₦17,739.06
  • Benue: ₦17,731.25
• Lowest Prices:
  • Katsina: ₦14,725.00
  • Nasarawa: ₦15,390.55
  • Adamawa: ₦15,474.21

Zonal Analysis

• South-South recorded the highest average price at ₦17,114.67, followed by the Southeast at ₦16,906.61.
• North-Central had the lowest average price at ₦16,411.19.

Implications of Rising Prices

The steady increase in cooking gas prices is adding financial strain to households already grappling with rising food and transportation costs driven by inflation. This persistent trend could lead to:

1. Switching to Firewood and Coal:
   Many vulnerable households may resort to firewood or other polluting energy sources, reversing gains in transitioning to cleaner energy.

2. Health and Environmental Concerns:
   Increased reliance on firewood could worsen deforestation rates and indoor air pollution, posing health risks to families.

3. Strained Household Budgets:
   With many Nigerians already facing economic hardship, higher gas prices further stretch limited household incomes, reducing disposable income for other essentials.

Why It Matters

The rise in LPG prices threatens Nigeria’s efforts to promote cleaner cooking energy alternatives. This trend underscores the need for:

• Policy Intervention: Addressing supply chain inefficiencies and supporting LPG affordability.
• Awareness Campaigns: Promoting the health and environmental benefits of sticking with clean energy despite rising costs.
• Incentives for Clean Energy: Subsidizing LPG for low-income households to discourage a return to polluting fuels.

As cooking gas prices continue to climb, it’s essential for stakeholders—both public and private—to find sustainable solutions to mitigate the impact on Nigerian households and ensure progress in adopting cleaner energy sources.