Cooking gas price drops as kerosene, petrol record increase in June – NBS

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NBS

BY FESTUS OKOROMADU, ABUJA

The price of Liquefied Petroleum Gas commonly known as cooking gas recorded a drop, selling for N4, 068.26 per 5kg in June as against N4, 360.69 it sold in May 2023.

It translates to a 6.71 percent decline month -on-month, according to data released by the National Bureau of Statistics on Tuesday in Abuja.

On a year-on-year basis, the decrease is 3.56 percent from N4, 218.38 in June 2022.

While Nigerians may have a cause to celebrate the cheery news, experts have attributed this low price to the global decline in the price of LPG in the summer season when energy demand is generally low.

However, the prices of Household Kerosene and Premium Motor Spirit, otherwise known as petrol increased by 62.28 percent and 210.31 percent respectively on a month-on-month basis.

Details of the NBS report on LPG further revealed that Kwara State recorded the highest average price for refilling a 5kg Cylinder of LPG with N4, 750.00, followed by Niger with N4, 691.16, and Zamfara with N4, 683.33.

On the other hand, Ondo recorded the lowest price with N3, 287.86, followed by Ekiti and Nasarawa with N3, 288.46 and N3, 364.62 respectively.

The NBS report showed that the average retail price per litre of Household Kerosene paid by consumers in June 2023 was N1, 236.10, indicating an increase of 2.49 percent compared to N1, 206.05 recorded in May 2023.

On a year-on-year basis, the average retail price per litre of the product rose by 62.28 percent from N761.69 in June 2022.

On state profile analysis, the highest average price per litre in June 2023 was recorded in Adamawa with N1, 691.81, followed by Abuja with N1, 461.11 and Abia with N1, 396.67.

On the other hand, the lowest price was recorded in Jigawa with N960.45, followed by Edo with N979.31 and Kaduna with N1, 001.22.

For the PMS, NBS reports that the average retail price paid by consumers for the product in June 2023 was N545.83, indicating an increase of 210.31 percent relative to the value recorded in June 2022 which was N175.89.

Likewise, comparing the average price value with the previous month (i.e. May 2023), the average retail price increased by 129.23 percent from N238.11.

On state profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit with N562.86, followed by Yobe State with N562.31 and Kano with N561.82.

On the other hand, Anambra State recorded the lowest average retail price for PMS with N534.44, followed by Ebonyi State with N535.00 and Oyo with N537.43.

Analysis by zone showed that the North East recorded the highest average retail price in June 2023 with N557.03, while the South West had the lowest with N539.36.