Recent reports suggest a potential drop in the cost of liquefied petroleum gas (LPG), commonly referred to as cooking gas, bringing hope to consumers across various regions.
In states like Ogun, Lagos, and Oyo reveal that the average price of 1 kilogram of cooking gas has reached approximately N1,000 or lower, varying based on location and seller. This follows a period earlier this year, between February and March, when LPG prices surged to over N1,300 in certain areas.
The National Bureau of Statistics (NBS) reported in February a staggering 46.88% increase in the price of a 12.5kg LPG cylinder over the past year. Refilling a 12.5kg cylinder rose to an average of N15,060.38 in February, compared to N10,253.39 in February 2023. Within just a month, the average retail price spiked by 28.33%, from N11,735.72 in January 2024 to N15,060.38 in February 2024.
State-wise analysis showed Ogun topping the list with the highest average retail price for refilling a 12.5kg cylinder at N16,375, followed closely by Delta at N16,333, and Edo at N16,321. However, recent checks indicate a gradual decrease in prices nationwide.
This downward trend is speculated to be linked to the rebound of the naira in April, strengthening from about N1,900 per dollar to approximately N1,500.
While the Federal Government has pledged further actions to sustain this downward trajectory, industry operators express concerns that prices may rebound.
Residents shared their experiences:
- Adedokun Ojo in Abule Egba, Lagos, purchased 1kg of LPG for N940 at Mobil.
- Uzor Nneka in Enugu secured 1kg for N1,000 at the Romchi plant.
- Jonathan Igbowu in Idiroko, Ogun State, noted a drop from N1,300 to N1,050.
- Nojim Ajani in Idiroko mentioned a recent price of N750 in the Aferiku area.
- Ibrahim Ogunleye in Ofa, Kwara State, observed a decrease from N1,400 to N1,200.
- Quadri Yusuf in Idi-Aba, Abeokuta, reported a drop to N800/kg from N1,200 in April.
However, Muraina Akintunde in Ayetoro expressed regret over prices rising to N1,200/kg, compared to N1,400 in late May.
Folake Ogunwemimo in Ilaro found LPG priced at N1,100/kg, while Kazim Ajose in Sango-Ota, Ogun State, bought it for N970/kg.
Ola Rotimi, a police officer, refilled a 6kg cylinder for N5,700 at Eco Gas in Abeokuta.
Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, attributes the price reduction to government efforts in increasing the domestic supply of LPG. The decision to domesticate LPG production, along with waivers on VAT and customs duties, has contributed to this positive trend.
Despite this optimism, the Nigerian Association of Liquefied Petroleum Gas Marketers raises concerns about potential price surges due to currency fluctuations.
With LPG prices on a rollercoaster, Nigerians face challenges exacerbated by fuel subsidy removal and currency devaluation, prompting some to revert to traditional cooking methods, despite the health risks associated with such practices.
As stakeholders navigate these complexities, hopes are pinned on sustained efforts to stabilize LPG prices, ensuring accessibility and affordability for all.
