In July 2024, the average cost of refilling a 5-kilogram Liquified Petroleum Gas (cooking gas) cylinder in Nigeria dropped to N5,974.55 from the June price of N6,966.03, marking a 14.23% decrease.
This information was revealed by the National Bureau of Statistics (NBS) in its latest Liquefied Petroleum Gas Price Watch report released on Wednesday.
The reduced price is notably lower than the N7,418.45 price at which a 5kg cooking gas cylinder was sold in May 2024.
However, compared to the same period last year, the July 2024 price for a 5kg cooking gas cylinder is 46.69% higher than the N4,072.87 price recorded previously.
When analyzing prices by state, Borno had the highest average cost for refilling a 5kg cooking gas cylinder at N7,088.59, followed by Yobe at N6,935.50, and Sokoto at N6,750.00.
Conversely, Delta had the lowest price at N5,392.86, followed by Zamfara and Kogi at N5,431.25 and N5,560.63, respectively.
Furthermore, the average retail price for refilling a 12.5kg cooking gas cylinder decreased by 9.37% from N15,736.27 in June 2024 to N14,261.57 in July 2024 on a month-on-month basis. However, on a year-on-year basis, this price saw an increase of 55.66% from N9,162.11 in July 2023.
Earlier in May, the price of a 5kg cooking gas cylinder was N7,418.45.
This information comes as Nigeria’s inflation rate dropped to 33.40% in July, marking the first decline since 2022.