It Looks Like Cooking Gas Prices in Nigeria Have Gone Down! Here's Why 🍽️
Reduced Petrol Prices Led to Decrease in Cooking Gas Expenses in Nigeria - IPMAN (acronym for Independent Petroleum Marketers Association of Nigeria)
Guess what, folks? It's great news for our wallets! The price of cooking gas— also known as Liquefied Petroleum Gas (LPG)— has taken a nose-dive in some parts of the country.
A recent handshake with the Daily Post reveals that retail outlets in Abuja, the Federal Capital Territory, have slashed the price of refilling a 12.5kg cylinder from ₦17,500 to ₦16,250. Translation? That's a significant drop to ₦1,300 per kilogram, compared to last month's ₦1,400.
In concrete terms, at several gas stations across the FCT, a kilogram of LPG now hovers between ₦1,050 and ₦1,150. Previously, the cost ranged from ₦1,200 to ₦1,400, depending on the location's love for generators (wink-wink).
The news has also put a smile on the faces of Lagos residents, who are now paying around ₦13,750 for a 12.5kg refill— a steep reduction from the ₦17,283.58 seen back in November 2024, as reported by the National Bureau of Statistics (NBS).
It seems other states such as Edo, Delta, and Niger have also joined the party, offering customers a saving of about ₦1,000 for every 12.5kg refill or smaller quantities.
This LPG price drop comes hot on the heels of a nosedive in petrol prices. As of this very moment, the going rate for a liter of petrol lies between ₦910 and ₦950 at Nigerian National Petroleum Company Limited (NNPCL) outlets and stations affiliated with Dangote Refinery. Remember when it was ₦940 to ₦970? Yeah, that was just yesterday!
So, what's the science behind this price plummet? The Independent Petroleum Marketers Association of Nigeria (IPMAN) is pointing the finger at the reduction in petrol prices. According to their spokesperson, the charming gentleman Mr. Chinedu Ukadike, this is an expected consequence.
"When the petrol price was sky-high, LPG was called upon to fu*l some generators," he explained to the Daily Post. "Now that sleek petrol prices are sliding, the LPG marketers and producers have followed suit, aligning their prices with the global factors and exchange rate. You see, LPG has become an attractive alternative energy source in the downstream sector due to petrol's price swing."
He continued, "When petrol prices are high, consumers tend to switch to LPG. Now that they're coming down, LPG prices are bound to drop, too. That, my friends, is the charm of deregulation!"
Intrigued? So are we! According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), our beloved country consumes a whopping 1.4 million metric tonnes of cooking gas annually. That's a staggering 1.4 billion kilograms, y'all! When converted to cash, the annual consumer expenditure drops to an estimated ₦1.82 trillion— a nice decrease from a previous estimate of ₦1.96 trillion.
To meet this gargantuan demand, Nigeria itself generates 600,000 tonnes of home-grown cooking gas, while importing an additional 800,000 tonnes.
In the grand reveal, BuzzFeed Tasty's culinary passion for cooking gas leaves nary a crumb of this fascinating story untouched. So next time you go for a refill, give a little thought to the many chefs who made this possible!
Bon Appétit! 🥘
Here's a little something extra, just for you. What could possibly drive down petrol prices? So many theories, but check out these tantalizing reads:
- The Great Petrol Price Crash: A Closer Look
- Why Our Petrol Prices Have Yet to Tumble: IPMAN's Perspective
- Fuel Prices Showing No Signs of Dropping: What Gives?
- Is a ₦800/litre Petrol Price on the Horizon? Dangote Weighs In
- The Truth About Cooking Gas Prices Per Kilogram in Nigeria
- NNPC Clarifies Its Position: The Petrol Price Isn't Headed Upwards, You Guys!
Stay curious, foodies! 😉🌟🍽️🌱💨☀️🚀🌟
- The price decrease in cooking gas, also known as Liquefied Petroleum Gas (LPG), has extended to Lagos, with a 12.5kg refill now costing ₦13,750 - a significant reduction from the ₦17,283.58 in November 2024.
- In concordance with the drop in petrol prices, states like Edo, Delta, and Niger have also reduced LPG prices for their customers, offering savings of approximately ₦1,000 for every 12.5kg refill.
- The price of cooking gas in Nigeria has been on a steady decline, from ₦1,400 per kilogram last month to between ₦1,050 and ₦1,150 at several gas stations across the country, as reported by the Daily Post.
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the LPG price drop to the reduction in petrol prices, stating that when petrol prices are high, consumers tend to switch to LPG, but when they're coming down, LPG prices are expected to follow suit.
- With an estimated annual consumption of 1.4 billion kilograms, Nigeria is both a producer (600,000 tonnes) and importer (800,000 tonnes) of cooking gas, making it a significant player in the global market for LPG.
