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Cooking gas prices surge by 38%, hit ₦16,250 per 12.5kg cylinder

NBS says there was a 3.55% month-on-month increase in the average retail price for refilling a 5kg cylinder.

A photo of a gas cylinder [Punch]

This surge in prices is accompanied by a 37% increase in the price of 1kg of gas, which rose to ₦1,300 from ₦950 during the same period, according to the latest report from the Nigeria Bureau of Statistics (NBS) Liquefied Petroleum Price Watch for January 2024.

According to the report, there was a 3.55% month-on-month increase in the average retail price for refilling a 5kg cylinder of cooking gas, reaching ₦5,139.25 compared to ₦4,952.87 in December 2023.

On a year-on-year basis, the 5kg cylinder price saw a significant 12% increase, rising to ₦5,139.25 in January 2024 from ₦4,588.75 in the corresponding period of 2023.

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Nassarawa State recorded the highest average price for refilling a 5kg cooking gas cylinder at ₦5,790.00, followed closely by Jigawa State at ₦5,681.82 and Gombe State at ₦5,660.00.

Conversely, Kaduna State had the lowest price at ₦4,150.00, followed by Ogun and Osun States with ₦4,751.04 and ₦4,763.53, respectively.

Experts have expressed concerns that these soaring gas prices will exacerbate the financial burden on the already stretched citizenry, further intensifying the challenges posed by inflation across Nigeria.

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