Price of cooking gas increased by 105% in one year; from N2,141/5kg to N4,397 — NBS

The price of refilling a 5kg of cooking gas has increased on a year-on-year basis by 105.35 per cent from N2,141.59 in July 2021 to N4,397.68 in July 2022, according to a report released by the National Bureau of Statistics (NBS).

NBS noted that on a month-on-month basis, the price increased by 4.25 per cent from N4,218.38 recorded in June 2022 to N4,397.68 in July 2022.

Similarly, the NBS stated the average retail price per litre of kerosene rose by 98.76 per cent from N397.34 in July 2021 to N789.75 in July 2022.

The report said on a month-on-month basis, there was a 3.68 per cent increase in the product in July 2022 at N789.75 compared to N761.69 recorded in June 2022.

Prof. Aminu Usman, an Economics lecturer at the Kaduna State University in an interview with NAN, said the spike in price will lead to increased difficulty in meeting basic food and other essential commodities needed by Nigerians.

According to him, it further confirms the inflation figures earlier released by NBS indicating a continuous increase in the country’s inflation rate.

”Recall that the bulk of the price increases came through food inflation which was also influenced by the cost of energy used in the food processing for both manufacturers and households.”