The latest data from the National Bureau of Statistics (NBS) reveals a notable uptick in the average price of 5kg cooking gas, soaring from N6,154.50 in February 2024 to N6,591.62 in March 2024, marking a sharp 7.10% increase.
Released on Friday in Abuja, the NBS “Cooking Gas Price Watch” for March 2024 sheds light on the concerning escalation in cooking gas prices, with the average cost of 5kg cooking gas surging by 42.97% on a year-on-year basis, from N4,610.48 in March 2023 to N6,591.62 in March 2024.
State-wise analysis exposes Kano as the epicenter of this price surge, with an average price of N7,609.00, closely trailed by Ogun at N7,363.64 and Akwa Ibom at N7,162.50. Conversely, Adamawa posted the lowest price at N5,312.50, followed by Taraba and Zamfara at N5,375.00 and N5,550.00, respectively.
Zone-wise, the South-South region stands out with the highest average retail price of N7,003.08, followed by the South-West at N6,723.22, while the North-East reported the lowest average retail price at N6,221.30.
Additionally, the NBS reports a 5.77% month-on-month increase in the average retail price for refilling a 12.5kg cooking gas, rising from N15,060.38 in February 2024 to N15,929.04 in March 2024. On a year-on-year basis, this represents a substantial 55.22% surge, from N10,262.56 in March 2023 to N15,929.04 in March 2024.
Sokoto leads the charge in the average retail price for 12.5kg cooking gas at N17,833.33, trailed closely by Osun at N17,588.46 and Anambra at N17,417.65. Conversely, Katsina recorded the lowest average price at N12,400.00, followed by Kebbi and Bauchi at N13,137.50 and N14,484.25, respectively.
Regionally, the South-South maintains its lead with the highest average retail price at N16,859.85, followed by the South-East at N16,734.87, while the North-East once again reports the lowest price at N14,943.48.
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