Price Of Cooking Gas Increases To ₦1,500/kg

As Nigerians grapple with soaring petrol prices, the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has also surged, reaching ₦1,500 per kilogram at various retail outlets across Ogun and Lagos States.

The Managing Director and Chief Executive Officer of NIPCO Plc, Suresh Kumar, expressed optimism that the commencement of operations at the Dangote refinery and other domestic refineries would help bring down the prices of cooking gas.

He highlighted that over 60 percent of the cooking gas consumed in Nigeria is imported, raising concerns about the country’s dependency on foreign supply.

Current market checks confirm that the price of cooking gas has hit ₦1,500/kg, significantly impacting consumers who rely on LPG for their daily cooking needs.

In Abuja, the average price for refilling a 12.5kg cylinder has skyrocketed by 41.6 percent to ₦17,000, with reports showing that the same cylinder sold for ₦12,000 just three months ago in July and ₦11,735 in January 2024.

The recent price hikes reflect a troubling trend in the market, suggesting that consumers are facing increasing financial pressure.

A recent survey conducted by Punch revealed that the price of a kilogram of cooking gas in the Lokogoma area of Abuja has surged to ₦1,400, while in the Kubwa area, the price ranged between ₦16,200 and ₦16,500.

In contrast, some outskirts of Abuja, including Bwari, Kurudu, and Jikwoyi, still see the product sold for around ₦1,300, showcasing price discrepancies depending on location. Major distributors continue to sell the product at rates varying from ₦1,300 to ₦1,400.

Despite the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, previously promising to address the rising costs of cooking gas, the latest market survey indicates that prices have not only remained high but have escalated even further.

Ekpo had noted his intention to collaborate with regulators and gas producers to find effective solutions for reducing costs, but the continued increase raises questions about the efficacy of these efforts.