LPG In Nigeria’s Report On The Trend Of Cooking Gas Prices In Nigeria (2021–2024)

By Oluwabukola Jimoh ــ Last Update 28 December 2024

This report examines the fluctuations in the average prices of Liquefied Petroleum Gas (LPG), specifically 12.5kg cylinders, over a four-year period, highlighting key trends, notable shifts, and the yearly averages.

2021: Gradual Price Increase

In 2021, the prices of cooking gas were relatively low but showed a steady upward trajectory:

February: 4,679 Naira

March: 4,714 Naira

April: 4,606 Naira

July: 5,545 Naira

August: 6,418 Naira

September: 7,023 Naira

Yearly Average: 5,497.5 Naira

The gradual rise from February to September reflects increasing global energy costs and local supply challenges.

2022: A Notable Spike

Available data for September 2022 shows a significant increase to 9,773 Naira, marking a sharp rise compared to the September 2021 price of 7,023 Naira.

Yearly Average: 9,773 Naira (based on available data).

This increase may be attributed to continued inflation, foreign exchange volatility, and disruptions in global energy markets.

2023: Relative Stability with Gradual Increase

2023 saw a more consistent price trend compared to previous years, with monthly averages ranging from 8,318 Naira in June to 13,190 Naira in November:

January: 10,036 Naira

February: 9,840 Naira

June: 8,318 Naira (the lowest in 2023)

December: 12,253 Naira

Yearly Average: 10,411 Naira

While prices stabilized during mid-year, the upward trend resumed towards the year’s end, with factors such as increased demand and inflation likely contributing.

2024: Marked Price Surge

The year 2024 recorded the most dramatic increase in cooking gas prices, peaking at 17,527 Naira in December:

January: 12,842 Naira

February: 16,812 Naira

June: 12,830 Naira (lowest in 2024)

October: 17,226 Naira

December: 17,527 Naira

Yearly Average: 15,431 Naira

This sharp escalation reflects continued pressures from global energy markets, inflation, and increased seasonal demand during the last quarter. Now you can go back to prior blog posts to see how we explored the spikes and dips in LPG prices across the country and let us know your feedback.

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Oluwabukola Jimoh

Oluwabukola Jimoh is a dynamic academic writer and captivating energy blogger. She is able to delve into intricate subjects with an insatiable thirst for knowledge, crafting thought-provoking essays that engage and enlighten her readers.