Economy

Average price of 5kg cooking gas increases to N3,921.35 – NBS

INFLATION: Food prices Soaring, NBS confirms Masses' anxiety to FG
Written by Maritime First

… As Retail price for petrol increases to N173.08 in May***

The National Bureau of Statistics (NBS) says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N3,921.35 in May 2022.

This is contained in the NBS Liquefied Petroleum Gas (Cooking Gas) Price Watch for May 2022 released in Abuja on Sunday.

Also read: N589bn collected as VAT in Q1 2022 – NBS

The NBS said refilling the cylinder used to cost N3,800.47 in April 2022, adding that the increase indicated a 3.18 per cent month-on-month increase.

However, on a year-on-year basis, the average retail price of cooking gas increased by 89.28 per cent from N2,071.69 in May 2021.

The report showed that the highest average price for refilling a 5kg cylinder of cooking gas was recorded in Gombe at N4,366.67, followed by Bayelsa at N4,325.00 and Adamawa at N4,250.00.

On the other hand, it said Yobe recorded the lowest average price with N3,200.00, followed by Ogun and Ondo with N3,450.00 and N3,480.77, respectively.

The report showed that the average retail price for refilling a 5kg cylinder of cooking gas was highest in the South-East at N4,094.39 followed by the North-Central at N3,989.98 and South-South at N3,977.72.

“While the South-West recorded the lowest average retail price of N3,719.53,” said the statement.

The report said the average price for refilling a 12.5kg cylinder of cooking gas increased to N8,726.30 in May 2022 from N8,164.37 in April 2022, representing a 6.88 per cent month-on-month increase.

“Similarly, on a year-on-year basis, the average retail price for refilling a 12.5kg cooking gas increased by 103.46 per cent from N4,288.95 in May 2021,” it said.

The report said the state comparisons showed that the highest average retail price for the refilling of a 12.5kg cylinder of cooking gas was recorded in Abuja at N9,308.00, followed by Ekiti at N9,209.09 and Oyo, at N9, 184.06.

However, the lowest average price for the refilling of a 12.5kg cylinder of cooking gas was recorded in Yobe with N7,500.00, followed by Kano State and Kogi at N8,175.00 and N8,200.00, respectively.

The report showed that the average retail price for refilling a 12.5kg cylinder of cooking gas was highest in the South-West at N8,916.10.

“This was followed by the South-East and South-South at N8,885.54 and N8,857.09, respectively.”

The report said the North-East Zone recorded the lowest price at N8,423.44.

In another development, the National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N173.08 in May.

This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for May, 2022 released in Abuja on Saturday.

The report said the increase indicates a 2.99 per cent increase when compared to the value recorded in May 2021 at N168.06.

“Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27 per cent from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022.”

On state profile analysis, the report said the highest average retail price for Petrol was recorded in Abia with N193.20, followed by Imo and Cross River with N188.24 and N187.65, respectively.

“On the other hand, the lowest average retail price for Petrol was recorded in Ogun with N165.00, followed by Yobe and Benue with N165.36 and N165.50, respectively.”

The report showed that the highest average retail price was recorded in the South-East zone with N186.24, while the North-Central had the least with N168.20.

The NBS revealed in its Automotive Gas Oil (Diesel) Price Watch Report for May 2022 that the average retail price of Diesel paid by consumers increased by 181.00 per cent from N238.82 in May 2021 to N671.08 recorded in May 2022.

” On a month-on-month basis, the average retail price increased from N654.46 in April 2022, indicating a rise of 2.54 per cent when compared to the average retail price paid in May 2022.”

On a state profile analysis, the report revealed the state with the highest average price for Diesel in May 2022 was Ekiti with N716.15, followed by Osun and Oyo with N716.00 and N707.33, respectively.

On the other hand, it said the state with the lowest average retail price was Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44, respectively.

The report said the zone analysis showed that the average price of Diesel was highest in the South-West with N705.60, while the North-East had the lowest price with N639.00.

 

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Maritime First