Cooking gas price drops by 20 per cent in 2018 nbs #
According to the National Bureau of Statistics (NBS) of Nigeria, the average price of cooking gas (Liquefied Petroleum Gas, LPG) in Nigeria dropped by 20% in 2018 compared to the previous year.
As of December 2018, the average price of cooking gas in Nigeria was N1, 444.44 per 12.5kg cylinder, which is a 20% decrease from the average price of N1, 794.44 per 12.5kg cylinder in December 2017.
This decline in price was attributed to several factors, including:
- Increased supply: The Nigerian National Petroleum Corporation (NNPC) increased the supply of cooking gas to the market, which helped to reduce the price.
- Improved infrastructure: The construction of new gas infrastructure, such as pipelines and storage facilities, improved the efficiency of gas distribution and reduced transportation costs.
- Competition: The entry of new players in the market, such as private gas companies, increased competition and helped to drive down prices.
- Government policies: The Nigerian government implemented policies aimed at promoting the use of cooking gas, such as the removal of Value Added Tax (VAT) on LPG, which helped to reduce the cost of the product.
The drop in cooking gas price was a welcome development for Nigerian consumers, who had been facing high prices and scarcity of the product in recent years. The reduction in price helped to make cooking gas more affordable and accessible to a wider range of consumers.