LPG Soars to 105% in 12 months

The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 105 per cent within the last twelve months. This follows an increase from N2200 in August 2021 to N4500 in August 2022, indicating a 105 per cent increase over the period.

The exponential increase in the price of cooking gas also follows a similar trend with other deregulated petroleum products such as kerosene and diesel, which have also recorded significant spikes this year.

The price of kerosene used by several families have jumped to N800 per litre just as the market is beginning to adjust to the newly increased petrol and gas prices.

A market survey conducted by our correspondent showed that one litre of cooking kerosene, which sold earlier for N700, now sells for between N800 and N850 in urban parts of Lagos State, while the price has hit as high as N1000 per litre in suburb areas at filling stations.

In the same vein, the price of diesel continues to maintain an all-time high of between N750 to N800.

According to all items index of the latest Commodity Price Index (inflation report), the highest increases were recorded in prices of gas, followed by liquid fuel, solid fuel, garments, passenger transport by road, cleaning, repair and hire of clothing as well as passenger travel by air.