Price of cooking gas has dropped by 16 per cent in the domestic market as a result of improved supply and distribution. A market survey by Vanguard in Lagos and its environs showed that the price of 12.5 kg which hit the roof at N4, 500 in May, has dropped to N3, 800.
While the price of 25 kg that stood at N9, 000 in May, this year also dropped to N7, 600. Other sizes also showed significant drops in prices.
Mr. Femi Olawore, Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN) disclosed that there were commercial stocks of the product in the market.
“Unlike in the past, the supply and distribution of cooking gas have improved in the domestic market, thus resulting in stability. Despite increase in demand, there would not likely be shortage and high prices in at least short term,” he added.
The National Bureau of Statistics (NBS) indicated in its May 2017 report that the average price for the refilling of a 5kg cylinder, increased by 0.75 per cent month-on-month and 31.96 per cent year-on-year to N2, 446.57 in May 2017 from N2, 424.38 in April 2017.
Highest average price It stated that states with the highest average price for the refilling of a 5kg cylinder for cooking gas were Gombe (N2,600), Akwa Ibom (N2,590) and Rivers (2,585.00). The report has it that states with the lowest average price for the refilling of a 5kg cylinder for cooking gas were Kaduna, Kano, Katsina, Ogun and Sokoto (N2,300), Ondo (N2,294.44) and Osun (N2,268.75).
According to the report, “similarly, average price for the refilling of a 12.5kg cylinder for cooking gas increased by 2.64 per cent month-on-month and by 33.11 per cent year-on-year to N4, 957.88 in May 2017 from N4, 830.22 in April 2017.
“States with the highest average price for the refilling of a 12.5kg cylinder for cooking gas were Kebbi (N5,375), Cross River (N5,330) and Borno (5,300). “States with the lowest average price for the refilling of a 12.5kg cylinder were Lagos (N4, 621), Oyo (N4, 615) and Katsina (N4, 600).”
It also identified Kaduna, Kano, Katsina and Ogun as states with N2,300 as the lowest price of cooking gas during the period. Other states with the lowest price, according to the report, included Ondo and Osun with N2, 294.44 and N2, 268.75 respectively.
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