RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Cooking Gas Prices Surge by 114% in 16 Months

Victoria Attah by Victoria Attah
October 21, 2024
in Business, Commodities, Money Market
Reading Time: 2 mins read
A A
0
Rising Cooking Gas Prices Hit N12,500 on Nigeria’s Independence Week
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has seen a significant increase of 114% in the last 16 months, jumping from N700 per kilogram in June 2023 to N1,500 per kilogram in October 2024. This sharp rise in price coincides with the devaluation of the naira, which has left the exchange rate fluctuating at around N1,700 to a dollar, up from N700 in May 2023.

Industry experts attribute the hike in cooking gas prices to Nigeria’s reliance on imports for over 60% of its domestic LPG consumption. The Managing Director of NIPCO Plc, Suresh Kumar, highlighted the insufficient local production of LPG during the 2024 National Conference of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM). He urged the government to encourage Chevron and other producers to convert more propane into butane, which is more suited for domestic use.

AlsoRead

Naira Strengthens to N1,356 per Dollar in Official Market, Best Level Since April

 Banks Generate N224.69 Billion from E-Banking and ATM Charges in Q1 2026

Naira Depreciates by N5.08 Week-on-Week as Dollar Liquidity Tightens

The National Bureau of Statistics (NBS) reported that the average cost to refill a 5kg cylinder of cooking gas rose from N6,430 in August 2024 to N6,699 in September 2024, a 4.19% increase. This is a 59.90% increase compared to the same period in 2023. The highest prices were recorded in Rivers State, with an average of N7,285 per 5kg cylinder, while Kebbi State had the lowest at N5,950.

Similarly, the cost of refilling a 12.5kg cylinder also increased by 4.89%, from N15,552 in August 2024 to N16,313 in September 2024, marking a 76.41% rise compared to the previous year.

The rising cost of cooking gas, exacerbated by the removal of fuel subsidies and the floating naira, has pushed many Nigerians to resort to using firewood and charcoal for cooking. Experts have raised concerns that this trend could undermine Nigeria’s efforts to promote clean cooking and reduce deforestation.

As Nigeria grapples with increasing energy costs, the International Energy Agency (IEA) warns that the lack of access to clean cooking solutions continues to disproportionately affect women and children. An estimated 500,000 African women die prematurely each year from illnesses related to cooking with firewood, charcoal, and unsafe stoves, underscoring the urgent need for cleaner energy alternatives.

The Nigerian government and industry stakeholders continue to emphasize the need for investment and strategies to achieve widespread access to clean cooking by 2030. However, the continued rise in LPG prices threatens to push more citizens towards traditional and less safe cooking methods, with far-reaching environmental and health consequences.

Tags: LPG price NigeriaNaira Devaluation
Previous Post

FG Proposes 5% Excise Duty on Telecom, Gaming, and Betting Services

Next Post

China Lowers Benchmark Lending Rates by 25 Basis Points to Boost Economy

Related News

Dollar Index Loses Steam as Treasury Yields Drift Back to 4.8%

Naira Strengthens to N1,356 per Dollar in Official Market, Best Level Since April

by Jide Omodele
June 16, 2026
0

The Nigerian naira appreciated against the US dollar on Monday, closing at N1,356 per dollar at the official foreign exchange...

Liquidity Crunch: Banking Sector’s Borrowing from CBN Surges to N12 Trillion.

 Banks Generate N224.69 Billion from E-Banking and ATM Charges in Q1 2026

by Jide Omodele
June 15, 2026
0

Nigerian commercial banks earned a total of N224.69 billion from electronic banking services and ATM/card-related fees in the first quarter...

Naira Steadies on Parallel Market as CBN Clears Backlog

Naira Depreciates by N5.08 Week-on-Week as Dollar Liquidity Tightens

by Jide Omodele
June 15, 2026
0

The Nigerian naira came under pressure across foreign exchange market segments last week, losing ground despite a steady rise in...

Naira appreciated to N738/$ in the Parallel Market

Naira Holds Steady at N1,361/$ as Dollar Gains Support from Robust US Jobs Data

by Stephen Akudike
June 10, 2026
0

The Nigerian naira traded with relative stability in the official foreign exchange market during the first half of the week,...

Next Post
China’s Central Bank Implements Modest Interest Rate Cut Amid Economic Challenges.

China Lowers Benchmark Lending Rates by 25 Basis Points to Boost Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FG Records N13.33bn Revenue Shortfall from Gas Flaring Penalties

FG, States and LGs Share N2.3 Trillion from May 2026 Revenue

June 18, 2026
2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

FG Dismisses Plans for New Taxes on Fuel and Telecoms

June 18, 2026

Popular Story

  • World Bank Extends Nigeria’s Digital Identification Project Deadline Amid Missed Targets

    Tin Can and Apapa Ports Rank Among World’s Top 20 Most Improved Container Ports

    0 shares
    Share 0 Tweet 0
  • Cryptocurrency Prices Decline In India

    0 shares
    Share 0 Tweet 0
  • Access Bank Has Strong FX Liquidity to Service $1bn Debt Maturity – Fitch Ratings

    0 shares
    Share 0 Tweet 0
  • Vitafoam Plc appoints a new chairman of the board of directors.

    0 shares
    Share 0 Tweet 0
  • Nigerians Borrowed Record $3.18 Billion in Airtime Credit Last Year – Report

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>