The average retail price for refilling a 5kg cylinder of liquefied petroleum gas (cooking gas) climbed by 7.57 percent month over month from N3,921 in May 2022 to N4,218 in June 2022 notwithstanding the federal government’s implementation of the gas masterplan project.
This was mentioned in a report released on Tuesday in Abuja by the National Bureau of Statistics.
According to the NBS, the price of cooking gas increased by 103.92% from N2,068.69 in June 2021 on an annual basis.
Findings showed that the nation’s demand for cooking gas had just fallen to a historic low.
According to market estimates, consumers recently lowered their consumption of the good or abandoned it in favor of less expensive substitutes like coal and firewood.
According to research, independent marketers currently import between 55 and 60 percent of the gas used in Nigeria, while Nigerian Liquefied Natural Gas Limited (NLNG) provides barely 40 percent.
According to reports, Nigeria is the ninth-largest natural gas producer in the world, with proven reserves of roughly 207 trillion cubic feet (Tcf), or about 3% of the 6,923 Tcf total global reserves.
Nigeria possesses proven reserves that are 306.3 times the amount needed for annual use.
According to estimates, natural gas is the fossil fuel with the greatest rate of growth in the globe. By 2030, it is expected to surpass coal as the second-largest source of energy.
According to the NBS Report, Gombe had the second-highest average price for refilling a 5kg cylinder of liquefied petroleum gas (cooking gas), at N4,566, while Niger had the third-highest average price, at N4,540. Adamawa had the highest average price.
While Yobe and Kano came in second and third, with an average price of N3,820 and N3,875 respectively, Zamfara had the lowest average price at N3,700.
The North-Central reported the highest average retail price for refilling a 5 kilogram cylinder of liquefied petroleum gas (cooking gas), with N4,378. The North-East was second with N4,301, while the North-West had the lowest average retail price with N3,994, according to the NBS.
