September 2024 has brought its share of changes to the cooking gas price landscape in Nigeria, as revealed by Fatshimetrie’s recent report. The meticulous analysis, titled “Cooking Gas Price Watch,” highlights a significant increase in prices compared to the previous August. Indeed, the average price of a 5kg cylinder of cooking gas increased by 4.19% in September, from ₦4,189.96 to ₦6,699.63. An alarming 59.90% increase was also recorded on a year-on-year basis.
A closer look at the state profiles, the report reveals that Rivers continues to lead with an average price of ₦7,285.71, followed by Gombe at ₦7,271.88 and Borno at ₦7,089.72. On the other hand, Kebbi has the lowest price at ₦5,950.00, followed by Kano and Benue at ₦6,133.33 and ₦6,143.52 respectively.
Zonal analysis reveals that the North-East has the highest average price for a 5kg cylinder of cooking gas at ₦6,929.02, followed by the South-East at ₦6,893.47. Conversely, the North-West records the lowest price at ₦6,382.30.
As for the refill price of a 12.5kg cylinder of cooking gas, an increase of 4.89% was recorded from August to September, from ₦15,552.56 to ₦16,313.43. On a year-on-year basis, an impressive increase of 76.41% was observed from ₦9,247.40 to ₦16,313.43. Rivers maintains the top spot with an average price of ₦17,992.86, followed by Gombe at ₦17,942.86 and Zamfara at ₦17,475.00.
When it comes to recharge price across regions, the South East holds the top spot with an average price of ₦16,957.29, followed by the South West at ₦16,665.45. The North East has the lowest price at ₦15,770.75.
Furthermore, the average price per litre of kerosene also increased in September 2024, reaching ₦1,957.44, an increase of 5.97% from the previous month. On a year-on-year basis, the price of kerosene increased by 50.68% from ₦1,299.03 to ₦1,957.44. Abuja holds the top spot with an average price of ₦2,816.67 per litre, followed by Kaduna at ₦2,437.50 and Akwa Ibom at ₦2,411.11. Conversely, Bayelsa has the lowest price at ₦1,416.67, followed by Borno at ₦1,477.83 and Ekiti at ₦1,635.00.
Finally, the average price per gallon of kerosene also increased for consumers in September 2024, reaching ₦6,818.1, an increase of 5.84% from August. On a year-on-year basis, the price of a gallon of kerosene increased by 55.69% from ₦4,379.31 to ₦6,818.1. Katsina holds the first spot with an average price of ₦8,400, followed by Jigawa at ₦8,100.00 and Kebbi and Ogun at ₦8,000.00. Nasarawa has the lowest price at ₦5,250.00, followed by Adamawa and Niger at ₦5,281.25 and ₦5,291.67 respectively.
This study shows that cooking gas and kerosene prices continue to increase, which could have a significant impact on households and their purchasing power.It is essential to closely monitor these fluctuations to better understand their impact on the national economy and the daily lives of Nigerians.