THE President, Nigerian Association of Liquefied Petroleum Gas Marketers, Mr. Oladapo Olatunbosun, said the prices of cooking gas would continue to leap as the domestic market continues to be impacted by foreign exchange crisis.
This is even as the report of the Nigerian Bureau of Statistics, NBS, Liquefied Petroleum Gas Price watch for February 2024 showed that the price of cooking gas (12kg) rose by 52.4 per cent on a year-on-year, YoY, basis to N15, 625, from N10,253.39 recorded in the corresponding period of 2023.
But the NBS report showed that the price of a 12.5kg cylinder of cooking gas increased by 28.33 per cent on a month-on-month, MoM basis, to N15,060.38 in February 2024, from N11,735.72 in January 2024.
On State profile analysis, Ogun State recorded the highest average retail price for the price of a 12.5kg cylinder of cooking gas with N16,375.00, followed by Delta state with N16,333.33 and Edo State with N16,321.43.
“Conversely, the lowest average price was recorded in Bauchi State with N13, 167.50, followed by Katsina and Yobe States with N13, 562.50 and N13,610.00 respectively”.
Analysis by zone showed that the South-East recorded the highest average retail price for refilling a 12.5kg Cylinder of cooking gas with N15, 954.60, followed by the South-South with N15, 943.40. In contrast, the North-East recorded the lowest price with N14, 035.88.
In an interview with Energy Vanguard, Olatunbosun, said: “It Is expected that when the foreign exchange increases, the price of LPG will follow suit because it still priced and determined by the flow of forex.”
