Nigeria: Cooking gas prices hit record high in 2024, 3.7x the price in 2016

The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024.

After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June.

The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies.

Here are the average prices of cooking gas in Nigeria since 2016.

Source:

National Bureau of Statistics

Period:

2016 - 2024
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In January 2025, the food inflation rate dropped to 26.08% from 39.84% in December 2024
Key takeaways:
  • The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
  • The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
  • The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
  • Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
  • The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.
The inflation rate of all items, excluding farm produce and energy, reached 29.28% as of December 2024, a 9.45% increase from May 2023
Key takeaways:
  • February 2024 saw the largest month-on-month rise in inflation, climbing nearly 2% from 23.59% in January 2024.
  • Nigeria experienced brief periods of relief, with slight drops in core inflation during November 2023 and September 2024.
  • From May 2023 to December 2024, the inflation rate fluctuated within the 20% to 30% range.
  • December 2023 registered the highest inflation rate during the first eight months of the observed period.
  • The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024 due to the Consumer Price Index rebasing from 2009 to 2024.
The inflation rate in Nigeria rose from 22.41% in May 2023 to 34.80% by December 2024 and dropped to 24.48% in January 2025
Key takeaways:
  • Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
  • The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
  • The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
  • In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
  • Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
  • The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.
Cooking gas costs more in Nigeria's North East than in any other region
Key Takeaways:
  • The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
  • The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
  • The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
  • The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
As of December 2024, Taraba State (₦20,290.8) recorded the highest average price for 12.5kg cooking gas
Key Takeaways:
  • The average price for 12.5kg cooking gas varies between ₦15,000 and ₦20,300
  • The average price difference of cooking gas among Nigerian states is 28.97%
  • Four out of the six states in the Southwest region are among the top 20 Nigerian states with the highest average cooking gas prices
  • Nine out of Nigeria's 36 states plus Abuja have an average price for 12.5kg cooking gas that exceeds ₦18,000
  • Taraba State stands out as the only state in Nigeria with an average cooking gas price surpassing ₦20,000
  • The national average price of 12.5kg cooking gas in Nigeria is ₦17,274.16
Average cost of 5kg cooking gas in Nigeria as of December 2024 – Top 20 states
Key Takeaways:
  • The average price for 5kg cooking gas ranges from ₦6,000 to ₦8,100.
  • The price difference of cooking gas between various Nigerian states is 25.09%.
  • Out of Nigeria's 36 states plus Abuja, fifteen have an average price for 5kg cooking gas above the national average.
  • Taraba State is uniquely positioned as the sole state in Nigeria with an average cooking gas price above ₦8,000.
  • The national average cost for 5kg cooking gas in Nigeria is ₦7,177.27.
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