Cooking gas price drops by 20 per cent in 2018 nbs
According to the National Bureau of Statistics (NBS), the average price of cooking gas in Nigeria dropped by 20% in 2018.
The NBS reported that the average price of cooking gas (Liquefied Petroleum Gas, LPG) in Nigeria decreased from N2, 444.67 per 12.5kg cylinder in January 2018 to N1, 944.67 per 12.5kg cylinder in December 2018.
This represents a decline of 20.1% or N499.99 per 12.5kg cylinder over the 12-month period.
The NBS attributed the decline in cooking gas prices to a combination of factors, including:
- Increased supply: The NBS reported that the supply of cooking gas increased in 2018, which helped to reduce prices.
- Improved infrastructure: The construction of new gas infrastructure, such as pipelines and storage facilities, has improved the efficiency of the gas supply chain and reduced costs.
- Competition: The entry of new players in the cooking gas market has increased competition, which has helped to drive down prices.
- Government policies: The Nigerian government has implemented policies aimed at promoting the use of cooking gas, such as the removal of Value Added Tax (VAT) on LPG and the introduction of a LPG subsidy scheme.
The decline in cooking gas prices is a positive development for Nigerian consumers, as it makes it more affordable for them to access a cleaner and more efficient cooking fuel.