October 2, 2022 1:50 pm

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Gas price increases by 101% in one year, NBS says

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According to the National Bureau of Statistics, the cost of cooking gas increased by 101.17 percent in August 2022 compared to August 2021.
5 kg of cooking gas cost an average of N4,456.56 in August, up from N4,397.68 in July.
The claim was made in the NBS’s Cooking Gas Price Watch, which was published on Tuesday, September 20th, 2022, Abuja.
It was reported that the pricing in August showed a monthly increase of 1.34 percent from July’s results.
The price in August 2022 was a 101.17 percent rise from the N2,215.33 paid for the same amount of gas in August 2021, according to the report.
According to the survey, Taraba had the highest average price for 5 kg of cooking gas at N4,925.44. Adamawa came in second at N4,920, while Lagos State had the highest average price at N4,782.50.
It also noted that Katsina State had the lowest pricing in August ($4,020), followed by Ogun ($4,057.14) and Yobe ($4,078.46), respectively.
Following the North-East, which had the second-highest average retail price for 5 kg of cooking gas at N4,548.03, according to an analysis by geopolitical zones, was the North-Central.
The lowest retail price was N4,285.51 in the North-West.
The average retail price of 12.5 kg of cooking gas grew by 0.77 percent month over month, from N9,824.07 in July to 9,899.34 in August 2022, according to the NBS.
According to the statement, the price increased by 119.26% on an annual basis from N4,514.82 in August 2021.
According to the research, the highest retail price for 12.5kg was N11,225 in Ebonyi State, followed by N10,982.14 in Cross River State and N10,965.42 in Delta State.
Yobe and Taraba states had the next-lowest average prices, at N8,212.63 and N8,886.30, respectively, followed by Katsina State with the lowest average price of N8,150.
Similar to this, the price of kerosene increased to N809.52 a litre in August, representing a 2.5% rise over the N789.75 it was sold for in July.
The average retail price for a litre of kerosene increased by 102.38 percent from N400.01 in August 2021, according to the data.


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