… decreases by 14.23% Month-on-Month
Thelma Tokunbo
The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) decreased by 14.23% from ₦6,966.03 in June 2024 to ₦5,974.55 in July 2024.
This decline results in an average price of ₦1,194.91 per kilogram for July, compared to ₦1,393.21 per kilogram in June 2024.
This was revealed by the National Bureau of Statistics (NBS) in its cooking gas price watch for July 2024, analysed by Advisors Reports on Thursday.
According to the data, the prices generally rose from August 2023 to a peak in May 2024 at ₦7,418.45, followed by a slight decline, with July 2024’s price being lower than the previous two months.
Meanwhile, there was a noticeable decrease in price from ₦6,966.03 to ₦5,974.55, from June 2024 to July 2024.
On a year-on-year basis, the price increased by 46.69% from N4,072.87 in July 2023.
On state profile analysis, Borno recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,088.59, followed by Yobe with N6,935.50, and Sokoto with N6,750.00.
On the other hand, Delta recorded the lowest price with N5,392.86, followed by Zamfara and Kogi with N5,431.25 and N5,560.63 respectively.
In addition, analysis by zone showed that the North-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N6,446.53, followed by the North-Central with N6,042.33 while the South-South recorded the lowest with N5,654.04.
The price data tracked on a monthly basis from August 2023 to July 2024 as follows: July 2023: ₦4,072.87, August 2023: ₦4,115.32, September 2023: ₦4,189.96, October 2023: ₦4,562.51, November 2023: ₦4,828.18 and December 2023: ₦4,962.87,
The data from January to July 2024, showed January price to be ₦5,139.25, February 2024: ₦6,154.50, March 2024: ₦6,591.62, April 2024: ₦6,521.58, May 2024: ₦7,418.45, June 2024: ₦6,966.03, and July 2024: ₦5,974.55.
