The summer season that has brought down the price of Liquified Petroleum Gas has given Nigerians something to cheer about as the price of the product also known as cooking gas has continued to slide downwards, selling for N4,068.26 per 5kg in the month of June as against the N4,360.69 it sold in May 2023. This shows a decline of 6.71 percent month-on-month.
On a year-on-year basis, the decrease is by 3.56 percent from N4,218.38 in June 2022.
It is believed that this low price is as a result of the fact that the global price of LPG has gone down because of the summer season when the demand for energy is generally low.
The National Bureau of Statistics (NBS), in its June 2023 LPG report released on Tuesday in Abuja, said that Kwara State recorded the highest average price for refilling a 5kg Cylinder of LPG with N4,750.00, followed by Niger with N4,691.16, and Zamfara
with N4,683.33.
On the other hand, according to the report, Ondo recorded the lowest price with N3,287.86, followed by Ekiti and Nasarawa with N3,288.46 and N3,364.62 respectively.
However, it was not the same case with the Household Kerosene (HHK) and Premium Motor Spirit (PMS), otherwise known as petrol whose prices increased by 62.28 percent and 210.31 percent respectively.
The NBS report showed that the average retail price per litre of Household Kerosene (HHK) paid by consumers in June 2023 was N1,236.10, indicating an increase of 2.49 percent compared to N1,206.05 recorded in May 2023.
On a year-on-year basis, the average retail price per litre of the product rose by 62.28 percent from N761.69 in June 2022.
On state profile analysis, the highest average price per litre in June 2023 was recorded in Adamawa with N1,691.81, followed by Abuja with N1,461.11 and Abia with N1,396.67.
On the other hand, the lowest price was recorded in Jigawa with N960.45, followed by Edo with N979.31 and Kaduna with N1,001.22.
For the PMS, NBS reports that the average retail price paid by consumers for the product in June 2023 was N545.83, indicating an increase of 210.31 percent relative to the value recorded in June 2022 which was N175.89.
Likewise, comparing the average price value with the previous month (i.e. May 2023), the average retail price increased by 129.23 percent from N238.11.
On state profile analysis, Taraba state had the highest average retail price for Premium Motor Spirit with N562.86, followed by Yobe with N562.31 and Kano with N561.82.
On the other hand, Anambra recorded the lowest average retail price for PMS with N534.44, followed by Ebonyi with N535.00 and Oyo with N537.43.
Analysis by zone showed that the North-East recorded the highest
average retail price in June 2023 with N557.03, while the South-West had the lowest with N539.36.