The rising cost of LPG and Premium Motor Spirit (PMS) has placed a significant strain on households across Nigeria, leading some to seek more affordable alternatives such as charcoal and firewood. The National Bureau of Statistics (NBS) reports that the price of refilling a 12kg cooking gas cylinder surged by 76.41%, jumping from N9,247.40 in September 2023 to N16,313.43 in September 2024. Additionally, there was a 4.89% increase month-on-month, up from N15,552.56 in August 2024.
This continual rise in prices has been attributed to the depreciation of the Naira and Nigeria’s heavy dependence on imported gas. Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), noted that ongoing foreign exchange challenges have made it increasingly difficult for importers to secure the necessary funds, resulting in higher prices for consumers.
The impact of these increases is also evident in the 5kg cylinder market, where prices have risen to N6,699.63 in September 2024. According to NBS data, the average retail price for refilling a 5kg LPG cylinder saw a month-on-month increase of 4.19%, rising from N6,430.02 in August 2024, and a year-on-year jump of 59.90% from N4,189.96 in September 2023.
The NBS’s September LPG price watch reveals the top 10 states with the highest costs for refilling a 12.5kg cylinder.
A regional analysis indicates that the South-East recorded the highest average price at N16,957.29, closely followed by the South-West at N16,665.45, while the North-East had the lowest price at N15,770.75.