Cooking gas price up by 31.96% in May

2017.06.16

By Udeme Akpan, Jackline Oshiokameh

THE average price for the re filling of a 5kg cylinder of Liquefied Petroleum Gas, otherwise known as cooking gas, increased by 0.75 per cent Month-on-Month, MoM, and 31.96 per cent Year-on-Year, YoY, to N2,446.57 in May 2017 from N2,424.38 in April 2017.

According to the latest National Bureau of Statistics’ report, states with the highest average price for the refilling of a 5kg cylinder for cooking gas were Gombe (N2,600), Akwa Ibom (N2,590) and Rivers (2,585.00), while states with the lowest average price were Kaduna, Kano, Katsina, Ogun and Sokoto (N2,300), Ondo (N2,294.44) and Osun (N2,268.75).

The report stated, “average price for the refilling of a 12.5kg cylinder for cooking gas increased by 2.64 per cent MoM, and by 33.11 per cent YoY to N4,957.88 in May 2017 from N4,830.22 in April 2017. States with the highest average price for the refilling of a 12.5kg cylinder for cooking gas were Kebbi (N5,375), Cross River (N5,330) and Borno (5,300). States with the lowest average price for the refilling of a 12.5kg cylinder were Lagos (N4, 621), Oyo (N4,615) and Katsina (N4,600).”

Cooking Gas

Other states with the lowest price, according to the report, included Ondo and Osun with N2,294.44 and N2,268.75 respectively. The report also put the average price per litre paid by consumers for national household kerosene increased by 8.01 per cent month-on-month and by 30.49 per cent year-on-year to N303.29 in May 2017 from N280.80 in April 2017.

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It indicated that states with the highest average price per litre of kerosene were Anambra (N334.52), Kwara (N323.81) and Bauchi (321.67). It stated: “States with the lowest average price per litre of kerosene were Osun (N273.96), Oyo (N271.15), Sokoto (N261.90) and Abuja (N902.00). Similarly, average price per gallon paid by consumers for kerosene decreased by 10.10 per cent month-on-month and increased by 45.11 per cent year-on-year to N1,036.71 in May 2017 from N1,153.12 in April 2017.

“States with the highest average price per gallon of kerosene were Adamawa (N1,212.50),, Borno (N1,208.33) and Sokoto (1,157.14). States with the lowest average price per litre of kerosene were Akwa Ibom (N920.42), Anambra (N915.77) and Abuja (N902.00).”

The Nigerian LNG Limited stated that the domestic LPG price is based on an international price index plus 50 per cent of the shipping cost of delivering the product to receiving facilities in Apapa-Lagos. It indicated that the price is invoiced in naira at the prevailing official interbank exchange rates, contrary to erroneous assertions made in parts of the media. It said: “The reality of this is that although LPG is produced and consumed locally, the product, like crude oil, is an internationally traded commodity with an international price benchmark, open to global demand and supply pressures.