In the ever-changing world of the global economy, it is crucial to stay informed about trends and price fluctuations of everyday consumer products. Recently, the latest data from the National Bureau of Statistics highlighted a significant increase in the cost of filling a 5kg gas cylinder in Nigeria. This remarkable increase went from ₦4,642.27 in April 2023 to ₦6,521.58 in April 2024, marking an increase of 40.48% within a year.
Taking a closer look at the data, it can be seen that the cost of cooking gas saw a slight decline of 1.06% month-on-month from ₦6,591.62 recorded in March 2024 to ₦6,521.58 in April 2024. However, it is essential to note that prices vary from state to state, providing a diverse perspective on economic reality.
In this regard, statistics revealed that some regions had higher or lower prices than others. For example, the highest average price for filling a 5kg cylinder was recorded in Bauchi State, reaching ₦7,000. Kano ranks second at ₦6,998.67, followed by Yobe at ₦6,962.5, and Edo and Taraba at ₦6,961 and ₦6,904 respectively.
On the other hand, states with the lowest prices for filling a 5kg cylinder include Adamawa at ₦5,470, Enugu at ₦5,974, Katsina at ₦5,982, Imo at ₦6,085, and Anambra at ₦6,143. These disparities highlight the economic challenges that various regions of the country face.
When it comes to 12kg gas cylinders, it is interesting to note that Osun State has the highest average retail price at ₦17,801.67, followed by Anambra at ₦17,142.86. On the other hand, Bauchi State ranks first for the lowest retail price of 12kg canisters, standing at ₦13,745.12, followed by Kogi at ₦13,967.31, and Adamawa at ₦14,088.75.
This increase in liquefied petroleum gas (LPG) prices has been attributed to the foreign currency crisis facing the country. This raises concerns about the economic impact on households and consumers, highlighting the need for prudent resource management and effective financial planning.
Ultimately, the analysis of cooking gas price fluctuations offers insight into the economic challenges facing Nigeria and highlights the importance of robust economic policy and sustainable solutions to promote financial stability and well-being. -be citizens.