Despite export freeze, cooking gas prices continue to rise

Despite export freeze, cooking gas prices continue to rise

BUSINESS DAY

The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has continued to surge across Nigeria despite the federal government’s recent export ban aimed at stabilising domestic supply.

Consumers nationwide are reeling from the surge, with prices increasing by over 45.8 percent in some areas.

For Maria Okafor, a single mother of three, the escalating cost has turned a basic necessity into a luxury.

“Last month, I bought a 12.5kg cylinder for N12, 000. Today, they’re asking for N17,500. How are we supposed to survive?” she said, standing outside her roadside kiosk.

Grace Adebowale, like many Nigerians, relies on LPG for cooking, but the sudden price hike has forced her to reconsider her options.

“I never thought I would be paying this much for gas to cook my meals,” Adebowale said. “Every month, the price goes up, and we’re being forced to use less and less. It’s tough.”

She added, “We’ve started using charcoal again, but it’s slower, dirtier, and more stressful. My children complain about the smoke, and it feels like we’re going backwards.”

It’s not just families that are feeling the pinch. Small businesses that depend on cooking gas are facing an existential crisis.

Adewale Ogunleye, who runs a roadside Amala joint in Abuja, has seen his profit margins shrink dramatically.

“Cooking gas is my biggest expense. If the prices keep going up, I’ll have to increase the prices of food, and customers won’t come,” he said.

For Ogunleye, the decision to switch to firewood is bittersweet. “It’s cheaper, but it takes more time and affects the taste of the food. Plus, it’s bad for the environment.”

Data sourced National Bureau of Statistics (NBS) show the average retail price for refilling a 12.5kg cylinder of LPG increased by 58.68 percent from N10, 545.87 in October 2023 to N16, 734.55 in October 2024, putting additional strain on households already grappling with high inflation and economic challenges.

The average cost of refilling a 5kg cylinder of cooking gas rose by 3.23 percent in October to N6,915.69, up from N6,699.63 in September. On a year-on-year basis, the increase is even more, 51.58 percent higher than the N4,562.51 recorded in October 2023.

The average price rose by 2.58 percent to N16, 734.55 in October, compared to N16,313.43 in September.

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Despite export freeze, cooking gas prices continue to rise

 

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