Emmanuel OchayiIn light of the latest data released by the National Bureau of Statistics, the average retail cost of refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG) surged by 14.04% in October 2023 compared to September 2023.
This increase, now at N10,545.87, continues to burden households across Nigeria.
Expressing concern over the rising prices, Adewale Yusuf, a Lagos resident, remarked, “The constant surge in cooking gas prices is making it increasingly difficult for ordinary citizens to manage household expenses. Something needs to be done urgently.”
Comparing these figures to last year’s, the cost of cooking gas has ascended by 4.93%, outlining a distressing trend for consumers.
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Highlighting regional discrepancies, Edo emerged as the state with the highest average retail price for gas refills at N12,536.88, while Zamfara reported the lowest price at N9,050.00.
Citizens in states like Delta and Lagos voiced their concerns, expressing frustration over the ongoing financial strain caused by these escalating prices.
According to National Bureau of Statistics the disparities across regions and states indicate the varying economic impacts faced by different parts of the country due to these soaring prices.
The root causes behind the surge are Nigeria’s limited investment in natural gas exploration has hindered self-sufficiency, forcing the country to import LPG despite possessing significant reserves; and the rampant crude oil theft in the Niger Delta has contributed to a decline in associated gas production, further aggravating the situation.
Nigeria, with its natural gas reserves, has the potential to overcome this challenge. However, unless investments are made in exploration and security measures are implemented to curb oil theft, the nation might continue to grapple with inflated gas prices, affecting households nationwide.
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