Business - GFDD

Regional Variations in Average Prices of 12.5kg Cooking Gas Refill in Nigeria The National Bureau of Statistics (NBS) recently released a report detailing the average retail prices of 12.5kg cooking gas refill across six geopolitical zones in Nigeria. The report revealed significant regional variations in the average price of 12.5kg cooking gas refill in March 2023. North Central: N10,192.43 per refillNorthwest: N10,435.35 per refillNortheast: N9,808.50 per refillSoutheast: N10,271.07 per refillSouthwest: N10,344.59 per refillSouth-South: N10,507.72 per refill Month-on-Month and Year-on-Year Price Increases The report indicates that in March 2023, the average retail price for refilling a 12.5kg gas cylinder in Nigeria saw a marginal month-on-month increase of 0.09%, rising from N10,253.39 in February 2023 to N10,262.56. On a year-on-year basis, this price increase was even more significant, rising by 34.72% from N7,617.71 in March 2022. 5kg Customers: Prices and Regional Variations The NBS report also highlighted the prices and regional variations in the average retail prices for 5kg gas cylinder refills in Nigeria. The report showed that Kwara, Abuja, and Adamawa had the highest prices for 5kg gas cylinder refills, while Rivers, Abia, and Anambra had the lowest prices. Highest Prices: Kwara: N4,962.87Abuja: N4,940Adamawa: N4,915 Lowest Prices: Rivers: N4,204.45Abia: N4,220.15Anambra: N4,232.75 Regional Variations in Average Prices for 5kg Gas Cylinder Refill North Central: N4,872.20Northwest: N4,651.93Northeast: N4,614.67Southeast: N4,441.55Southwest: N4,542.52South-South: N4,461.32 Month-on-Month and Year-on-Year Price Increases for 5kg Customers According to the NBS report, the average cost of refilling a 5kg gas cylinder in Nigeria saw a slight increase of 0.22% on a month-on-month basis, rising from N4,600.57 in February 2023 to N4,610.48 in March 2023.. On a year-on-year basis, this price increased by 22.03% from N3,778.30 in March 2022. The Need to Increase Local Gas Processing Capacity in Nigeria The NBS report underscores the need for Nigeria to increase its local gas processing capacity to reduce the importation of Liquefied Petroleum Gas (LPG) and ultimately lower the retail prices of cooking gas. For now, the country still relies on imported LPG to close capacity gaps.