The average cost of 12.5kg of cooking gas decreased month over month (MoM) by 7.61% to N9, 537.89 in May 2023 from N10, 323.33 in April 2023, according to data from the National Bureau of Statistics (NBS).
This is even as a market survey by Vanguard showed further decline in the price of 12.5kg by 18.7 percent to N7, 750 in June 2023, from N9, 537.89 in May 2023.
However, the average retail price of cooking gas increased YoY by 9.30 percent to N9, 537.89 in May 2023, from N8, 726.30 in May 2022.
In its Cooking Gas Price Watch for March 2022, the NBS also stated that on a MoM basis, the price of 5kg of cooking gas declined by 6.07per cent to N4, 360.69 in May 2023, from N4, 642.27 recorded in April 2023.
The report showed that Cross River recorded the highest average retail price for the refilling of a 12.5kg cooking gas with N11, 083.33, followed by Jigawa with N10, 975.00 and Akwa Ibom with N10, 174.29.
On the other hand, Adamawa recorded the lowest price with N7, 925.00, followed by Zamfara and Borno with N8, 128.57 and N8, 200.00 respectively.
Meanwhile, operators have attributed the decline in the price of cooking gas to fall in price of the product at the international market.
According to the U.S. Energy Information Administration, the current price of natural gas dropped by 76.1 per cent to 2.10 per one million dollars British Thermal Units (BTU) on May 31 from 8.78 per one million dollars BTU.