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‘Price hike’ Gas price increases by 101% within a year, NBS

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‘Price hike’ Gas price increases by 101% within a year, NBS

The price of cooking gas on a year-on-year basis increased by 101.17 per cent in August 2022 compared with August 2021, the National Bureau of Statistics said.

Average price of 5kg cooking gas increased from N4,397.68 in July to N4,456.56 in August.

The NBS made the assertion in its Cooking Gas Price Watch issued on Tuesday in Abuja.

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It noted that the price in August indicated a 1.34 per cent increase on a month-on-month basis from what obtained in July.

“On a year-on-year basis, the August 2022 price was a 101.17 per cent increase over the price of N2,215.33 paid for the same volume of gas in August 2021,’’ it stated.

The report added that Taraba recorded the highest average price of N4,925.44, for 5kg cooking gas, followed by Adamawa where it cost N4,920, and Lagos State where it sold for N4,782.50.

It stated also that Katsina State recorded the lowest price of N4,020 in August, followed by Ogun and Yobe at N4,057.14 and N4,078.46, respectively.

Analysis by geopolitical zones showed that the North-Central recorded the highest average retail price of N4,615.95 for 5kg cooking gas, followed by the North-East at N4,548.03.

The North-West recorded the lowest retail price at N4,285.51.

The NBS reported also that the average retail price of 12.5kg cooking gas increased to 9,899.34 in August 2022 from N9,824.07 in July, representing a 0.77 per cent month-on-month increase.

“On a year-on-year basis, the price rose by 119.26 per cent from N4,514.82 in August 2021,’’ it stated.

The report added that the highest retail price was recorded in Ebonyi State at N11,225 for 12.5kg, followed by Cross River State at N10,982.14 and Delta State at N10,965.42.

The lowest average price was recorded in Katsina State at N8,150, followed by Yobe and Taraba states at N8,212.63 and N8,886.30, respectively.

Similarly, kerosene price rose to N809.52 per litre in August, showing a 2.5 per cent increase over the N789.75 for which it was sold in July.

The report noted that on a year-on-year basis, the average retail price per litre of kerosene rose by 102.38 per cent from N400.01 recorded in August 2021

Further analysis showed that the highest average price per litre of kerosene in August 2022 was recorded in Imo at N1083.33, followed by Ekiti State at N1,026.92 and Enugu State at N1,017.74.

The report showed that the lowest price was recorded in Nasarawa State at N625, followed by Rivers State at N627.45 and Adamawa State at N633.33.

An analysis by geopolitical zones showed that the South-East recorded the highest average retail price per litre at N953.88, followed by the South-West with N910.85.

“The South-South recorded the lowest average price at N749.51,’’ it stated.

It added that the average retail price per gallon of kerosene in August was N2,947.65, showing an increase of 2.12 per cent from N2,886.41 in July 2022.

According to the report, the August 2022 price was a 122.4 per cent increase over the price N1,325.39 paid in August 2021.

Analysis by states showed that Abuja paid the highest price of N4,050 per gallon of kerosene in August, followed by Abia where it sold at N3,825 and Enugu State at N3,574.52.

Zamfara recorded the lowest price at N2,280 for a gallon of kerosene followed by Lagos State and Benue where it sold at N2,526.32 and N2,566.67, respectively.

The NBS stated that analysis by geopolitical zones showed that the South-East recorded the highest average retail price per gallon of kerosene at N3,276.78, followed by the South-West at N3,073.27.

It added that the North-East recorded the lowest average retail price at N2,687.63 per gallon.

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