Liquefied Petroleum Gas prices decrease in May, but show year-on-year increase

The National Bureau of Statistics has reported a further decline in the average price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, in the previous month.

According to the Liquefied Petroleum Gas Price Watch for May 2023, the bureau stated that the cost of refilling a 5kg cylinder decreased by 6.07 percent, reaching N4,360 in May compared to N4,642 in April.

However, on a year-on-year basis, there was an 11.20 percent increase from N3,921.35 in May 2022.

The report stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) declined by 6.07 percent on a month-on-month basis from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023. On a year-on-year basis, this rose by 11.20 percent from N3,921.35 in May 2022.”

The analysis of state profiles revealed that Bayelsa had the highest average price for refilling a 5kg cylinder, with N5,016, followed by Zamfara with N5,000 and Abuja with N4,900.

Furthermore, the average retail price for refilling a 12.5kg cylinder of cooking gas decreased by 7.61 percent on a month-on-month basis, dropping from N10,323 in April to N9,538 in May.

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