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Saturday, October 1, 2022

Cooking Gas, Kerosene Prices Increase By Over 100% In 12 Months

As Nigerians continue to complain about rising prices, the prices of cooking gas and kerosene have risen steadily, increasing by 101% and 102.38%, respectively, in the last year.

The National Bureau of Statistics (NBS) reported yesterday in Abuja that the average price of 5 kilograms of cooking gas increased from N4,397.68 in July to N4,456.56 in August in its Cooking Gas Price and Household Kerosene Price Watch.

According to the statistics agency, the price increased by 1.34 percent from one month to the next in August.

“On a year-on-year basis, the August 2022 price was a 101.17 per cent increase over the price of N2,215.33 paid for the same volume of gas in August 2021, it stated.

According to the report, Taraba State had the highest average price of N4,925.44 for 5kg cooking gas, followed by Adamawa State at N4,920 and Lagos State at N4,782.50.

In August, Katsina State had the lowest price of N4,020, followed by Ogun and Yobe at N4,057.14 and N4,078.46, respectively.

In August 2022, the average retail price per litre of household kerosene (HHK) was N809.52, representing a 2.5 percent increase over the N789.75 recorded in July 2022.

The average retail price per litre of the product increased by 102.38 percent year on year, from N400.01 in August 2021 to N400.01 in August 2022.

On state analysis, the highest average price per litre in August 2022 was recorded in Imo with N1083.33, followed by Ekiti with N1,026.92 and Enugu with N1,017.74.

On the other hand, the lowest price was recorded in Nasarawa with N625, followed by Rivers with N627.45 and Adamawa with N633.33.

Reacting to these price increases, Managing Director, 11 Plc, (former Mobil Plc), Adetunji Oyebanji, observed: “Most of the LPG we consume is imported and is subject to the vagaries of the forex currently experienced in other commodities, goods and services in the country.”

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