Cooking Gas Price Soars to N1,500/kg, Sparking Concerns Over Rising Living Costs

The price of liquefied petroleum gas (LPG), commonly known as cooking gas, has surged to N1,500 per kilogram in retail outlets across Ogun, Lagos, and Abuja.

This sharp increase, observed on Sunday, October 14, is creating further economic pressure on Nigerian households and businesses, especially restaurants that rely heavily on LPG for cooking.

In Abuja, the cost of refilling a standard 12.5 kg cylinder has risen by 41.6 percent, now reaching N17,000.

 Suresh Kumar, Managing Director of NIPCO Plc, highlighted that over 60 percent of Nigeria’s cooking gas is imported.

He further stressed that the emergence of local refineries, such as the Dangote refinery, could help stabilize prices.

“With local refineries sourcing crude oil in local currency, the volume of LPG produced locally is expected to increase, which will, in turn, drive down the price of the commodity,” Kumar said.

He also urged the Federal Government to encourage Chevron and other companies to convert more propane into butane, making LPG more accessible for domestic use.

 However, the rising cost of cooking gas, coupled with the recent fuel price hikes, is raising concerns about the overall impact on the cost of living.

Many consumers are struggling to keep up with the escalating prices of basic necessities.

As Kumar noted, “Greater local production will make LPG more affordable since it reduces exposure to foreign exchange fluctuations and international pricing dynamics.”

However, until these solutions are implemented, the situation remains dire for many Nigerians, urging the government to act swiftly to mitigate the growing economic burden.