Cooking Gas Price Surges By 78% Within A Year
The average price of a 12.5kg cylinder Cooking gas in Nigeria spiked by 78.99 % on a year-on-year basis from a lower cost of N4,082.97. This is according to data released by the National Bureau of Statistics (NBS).
In November 2021, the average price of the product was N7,308.06, an increase of 10.09% on a month-on-month basis from a lower cost of N6,638.27 in the preceding month of October 2021.
A cursory look at the data shows that the price increased to its highest level in over two years. Specifically, a 12.5kg cylinder of household cooking gas increased to its highest since November 2018. The trend has been on the bullish part which is particularly worrying for a country plagued with poverty and recovering from an economic downturn due to the pandemic.
Consumers’ average cost of refilling a 5kg cylinder of cooking gas increased by 26.05% month over month, from N2,627.94 in October to N3,312.42 in November 2021.
The average price of the product per 5kg increased by 70.09% year over year, from N1,947.47 in November of last year to N3,312.42 in November of this year.
For 25kg gas, the top three States with the highest prices in November 2021 were Ondo, Oyo and Osun with N8,721.43, N8,648.33 and N8,431.25 respectively.
Conversely, the lowest average prices were recorded in Borno State, Yobe State and Nasarawa State with N5,413.33, N6,300.00 and N6,390.63 respectively.
For the 5kg gas the States with the highest prices in November 2021 were Edo, Cross River and Ebonyi/Jigawa with N3,970.00, N3,933.33 and N3,820.00 respectively, while the three lowest prices were recorded in Gombe State, Bayelsa State and Delta State with N2,033.38, N2,043.55 and N2,196.33 respectively.
Nigerians spent more money on household cooking gas in November 2021 than in previous months, according to the latest figures issued by the statistics body.
If this tendency continues, the world’s poverty capital will face rising hardship.