Written by Sarah NEGEDU

Price of cooking gas drop as inflation rate surge

Despite the increase in inflation rate witnessed in May 2019, the cost of cooking gas dropped significantly during the period.

The National Bureau of Statistics, NBS, reports that the average cost of refilling a five kg cylinder of Liquefied Petroleum Gas dropped to N2,028.04 in May 2019, from the N2,046.53 it was sold in April, 2019.

NBS reports that inflation rate increased by 11.40percent in May, 2019, being 0.03percent points higher than the 11.37percent rate recorded in April, 2019.

The Consumer Price Index released, by the bureau showed that the highest increases were recorded in prices of domestic and household services, tobacco, actual and imputed rentals for housing, and medical, dental and hospital services.

However, data from the NBS showed that the increase did not affect cooking gas and kerosene in the month.

The bureau in its ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch’ for May, reports that the price of refilling a five kg cylinder of cooking gas dropped by -0.90 percent month-on-month and -2.13 percent year-on-year in the period under review.

The price for refilling a 12 kg cylinder also dropped by 0.79 percent month-on-month and 1.82 percent year-on-year to N4,220.44 in May from N4, 253.91 in April, 2019.

States like Edo, Ebonyi and Abuja top the list of states with the lowest average price for the refilling of a 5kg cylinder for cooking gas. The product was sold for N1,714.17, N1,666.67 and N1,675 respectively in those states.

The cost of refilling of a 5kg cylinder cooking gas was however more expensive in Adamawa and Bauchi (N2,500), Yobe (N3,375) and Borno (N2,342.86).

Similarly, states with the highest average price for the refilling of a 12.5kg cylinder of cooking gas are Bayelsa (N4,690.00), Akwa Ibom (N4,611.67) and Enugu (N4,608.33)

NBS named states with the lowest average price for refilling of a 12.5kg cylinder of cooking gas as Katsina (N3, 842.86), Kano (N3, 825.00) and Ekiti (N3, 806).

The NBS said that field work was done solely by more than 700 of its staff in all states of the federation, supported by supervisors who were monitored by internal and external observers.

It said that various prices were collected across the 774 Local Governments Areas across all states and the Federal Capital Territory from more than 10,000 respondents and locations.

The NBS said its audit team subsequently, conducted randomly selected verification of prices recorded.

 

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