The price of refilling Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, has shown varied trends across Nigeria this week, reflecting a mix of economic and logistical factors......Read The Full Article>>.....Read The Full Article>>
Consumers in different regions are witnessing price fluctuations influenced by rising demand, transportation bottlenecks, and global market conditions.
Current Cooking Gas Prices in Nigeria
The average cost of cooking gas this week ranges from ₦1,300 to ₦1,500 per kilogram, but the exact price varies based on location, availability, and distribution challenges. Below is the approximate pricing for different cylinder sizes:
- 1kg Cooking Gas: ₦1,300
- 3kg Cooking Gas: ₦3,900
- 5kg Cooking Gas: ₦6,500
- 6kg Cooking Gas: ₦7,800
- 10kg Cooking Gas: ₦13,000
- 12.5kg Cooking Gas: ₦16,250
Key Factors Driving Price Changes
- Seasonal Demand
As the festive season approaches, there has been a noticeable surge in the demand for cooking gas. This increased usage is putting upward pressure on prices, especially in urban areas where LPG is widely used for cooking during celebrations. - Transportation Challenges
Poor road infrastructure and rising fuel prices have significantly impacted the cost of transporting LPG, particularly to remote and northern regions. The added logistical expenses contribute to higher prices for consumers in these areas. - Global LPG Market Trends
International LPG price fluctuations continue to influence Nigeria’s domestic market. Although Nigeria produces natural gas, a considerable portion of its LPG supply is imported. This dependence on imports makes local prices vulnerable to global market trends. - Currency Depreciation
The weakening of the naira against major foreign currencies has made importing LPG more expensive. This exchange rate challenge has further inflated retail prices for consumers across the country.
Outlook for Cooking Gas Prices
The mixed pricing trends are likely to persist in the short term as seasonal demand increases during the holidays. Analysts expect prices to stabilize once demand subsides in early 2024, but this will depend on improvements in infrastructure, fuel costs, and the naira’s performance in foreign exchange markets.
For consumers, understanding these factors can help in planning their purchases and identifying opportunities to manage costs effectively.
