Financial Energy Review
The price of five kilograms (5kg) of Liquefied Petroleum Gas (LPG) known as cooking gas, continued its upward trend in December 2021 by 8.53 per cent at N3,594.81 from ₦3,312.42 in November 2021.
The National Bureau of Statistics (NBS) said this on Thursday, in its LPG Price Watch for December 2021, obtained from its website.
The report said that the price increased from ₦1,949.75 in December 2020, showing an increase of 84.37 per cent, on year-on-year basis.
It said that the highest average price for refilling a-5kg cylinder was recorded in Benue ₦4,083.33, Cross River ₦3,975.00 and Borno ₦3,966.67.
However, the lowest average prices were recorded in Adamawa at ₦2,398.40, Yobe ₦2,543.14 and Bauchi ₦2,586.43.
“Similarly the average price for refilling a-12.5kg cylinder of cooking gas increased year-on-year by 76.49 per cent to ₦7,332.04 in December 2021 from ₦4,154.28 in December 2020.
“The month-on-month analysis showed that the average price increased by 0.33 per cent from ₦7,308.06 in Nov. 2021,” it said.
Giving a breakdown of the highest average price by states, the NBS said that 12.5kg cylinder was sold at ₦8,491.67 in Osun, ₦8,303.33 in Oyo and ₦8,058.00 in Abuja.
For the lowest average price, Borno residents bought at ₦5,852.13, Bayelsa ₦6,678.57 and Nasarawa ₦6,679.57.
For National Household Kerosene, consumers paid an average price of ₦467.97 per liter in December 2021, an increase of 6.10 per cent on a month-on-month basis from ₦441.06 in November 2021.
On a year-on-year basis, the average price increased by 32.65 per cent from ₦353.79 in December 2020 to ₦467.97 in December 2021.
The NBS said that the top three states with the highest average price per liter in the month under review were Ebonyi with ₦687.50, Abia ₦585.00 and Ekiti ₦552.08
Also, the states with the lowest average prices per liter were Bayelsa with ₦300.00, Kwara ₦355.60 and Nasarawa ₦384.85.
“On the other hand, the average price per gallon (3.79 litres) of kerosene paid by consumers increased by 2.51 per cent on a month-on-month basis from ₦1,544.01 in November to ₦1,582.73 in December.
“The year-on-year analysis shows that the average price per gallon (3.79 litres) of kerosene increased by 34.63 per cent from ₦1,175.59 in December 2020 to ₦1,582.73 in December 2021,” it said.
The highest prices were recorded in Cross River with ₦2,035.94, Lagos ₦2,015.79 and Jigawa ₦2,004.44 while the lowest prices were recorded in Adamawa with ₦1006.25, Yobe ₦1,164.29 and Borno, ₦1,181.25.
The NBS said that in arriving at the report about 700 of its staff did field work in all states of the federation supported by supervisors who were monitored by internal and external observers.
It said its audit team subsequently conducted randomly selected verification of the prices recorded.
