Flames of Inflation: Cooking Gas Prices Soar by Nearly 20% in February, - NBS

Gas station 

The National Bureau of Statistics (NBS) has unveiled alarming statistics indicating a substantial surge in the average price of 5kg cooking gas. According to the latest "Cooking Gas Price Watch" released by the NBS, the average price soared from N5,139.25 in January 2023 to a staggering N6,154.50 in February 2024, marking a staggering 19.75% increase within a month.

This sharp escalation in cooking gas prices translates to a significant financial burden for consumers across the nation, underscoring the pressing need for urgent measures to mitigate the adverse impact on households and businesses alike.

In a distressing revelation, the NBS report further highlights a year-on-year rise of 33.78%, painting a grim picture of the persistent inflationary pressures plaguing the cooking gas market. This relentless upward trajectory in prices compounds the economic challenges faced by ordinary citizens, exacerbating the already dire situation exacerbated by the prevailing socio-economic conditions.

Regionally, the analysis unveils stark disparities in cooking gas prices, with Lagos topping the list with an average price of N6,820.00, closely followed by Imo and Anambra. Conversely, Yobe emerges as the state with the lowest average price, offering a semblance of relief amidst the widespread affordability crisis.

Furthermore, the report underscores the significant impact on consumers seeking to refill larger cylinders, with a substantial 28.33% increase observed in the average retail price for refilling a 12.5kg cooking gas cylinder. This surge, coupled with a staggering 46.88% year-on-year rise, further compounds the financial strain faced by households grappling with escalating living costs.

As households and businesses grapple with the mounting financial strain imposed by soaring cooking gas prices, urgent interventions are imperative to alleviate the burden on vulnerable segments of society. The escalation of cooking gas prices underscores the need for comprehensive policy measures aimed at addressing the root causes of price volatility and enhancing the resilience of consumers in the face of economic challenges.

In the face of this burgeoning crisis, stakeholders are called upon to collaborate in devising innovative solutions to mitigate the impact on households and foster sustainable economic growth. Only through concerted efforts and proactive measures can the nation navigate through the turbulent waters of rising living costs and safeguard the welfare of its citizens.

In the quest for economic stability and social prosperity, the resolution of the cooking gas price crisis stands as a critical imperative, demanding swift and decisive action from policymakers, industry stakeholders, and civil society alike.