The National Bureau of Statistics (NBS) has reported a significant drop in the retail prices for refilling Liquefied Petroleum Gas (LPG), commonly known as cooking gas, in Nigeria. In June 2023, the retail price for refilling a 5kg cylinder decreased by 6.71 percent on a month-on-month basis, from N4,361 in May 2023 to N4,068. On a year-on-year basis, the drop was 3.56 percent from N4,218 in June 2022.

A closer look at the state profiling reveals variations in prices across different regions. Kwara state recorded the highest average price for refilling a 5kg cylinder at N4,750, followed by Niger with N4,691, and Zamfara with N4,683. In contrast, Ondo had the lowest price at N3,288, followed by Ekiti and Nasarawa with N3,288 and N3,365, respectively. The North-Central zone had the highest average retail price for refilling a 5kg cooking gas at N4,422, followed by the North-West with N4,260, while the South-West recorded the lowest at N3,709.

Similarly, the average retail price for refilling a 12.5kg cooking gas experienced a 4.35 percent decrease on a month-on-month basis, falling to N9,123 in June 2023 from N9,537 in May 2023. On a year-on-year basis, this represented a 3.82 percent decline from N9,486 in June 2022.

Among the states, Cross River had the highest average retail price for refilling a 12.5kg cooking gas at N10,096, followed by Ogun with N9,876, and Anambra with N9,833. On the other hand, Adamawa recorded the lowest average price at N7,500, followed by Zamfara and Borno with N7,929 and N8,000, respectively.

The drop in cooking gas prices is positive news for consumers, as it makes the essential commodity more affordable and accessible. This reduction in prices could have a positive impact on household budgets, especially for low-income families, and encourage higher consumption of cooking gas over alternative fuels.

The reasons behind the price drop were not specified in the NBS report, but it could be attributed to various factors, including changes in global gas prices, fluctuations in exchange rates, and government policies aimed at promoting the use of clean energy sources.

As cooking gas remains a crucial component in Nigerian households, these price reductions will likely be welcomed by consumers and may lead to increased usage and a shift away from traditional cooking methods. Additionally, the drop in cooking gas prices could have implications for the broader energy sector and contribute to the country's efforts to transition to cleaner and more sustainable energy sources.