Average cooking gas prices fall lowest in 11 months –

The typical retail value for refilling a 12.5 kg cooking fuel cylinder in Nigeria has dropped to the bottom in 11 months, in line with knowledge from the Nationwide Bureau of Statistics (NBS), providing a glimmer of hope amidst rising dwelling prices.

Information sourced from the NBS reveals that the common retail value declined by 7.61 % to N9537.8 final month from N10,323 in April this yr. On a year-on-year foundation, this rose by 9.30 % from N8,726.30 in Might 2022.

Shoppers had witnessed a gradual rise in cooking fuel costs, resulting in issues over the affordability of important commodities.

Nevertheless, the downward pattern has introduced a sigh of reduction to households throughout the nation, offering some respite from the burden of inflation.

BusinessDay learnt that the worth of cooking fuel is trending downwards to N7,000 at present from N10,000 two months in the past.

Folasade Ojo from Ogijo, Ogun State, expressed delight over the current fuel value discount.

“Once I visited the fuel station final week, they advised me it was N750 per kilogram for my 12.5kg cylinder. I used to be thrilled as a result of it means extra financial savings and excellent news on the stations.”

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Beforehand, Folasade had resorted to utilizing a charcoal range as a result of greater fuel value of N10,625, aiming to cut back consumption. Now, with the lowered value, she stated she will change again to utilizing fuel with out worrying about refilling prices.

Oreoluwa Owolabi, company intelligence Lead, GAS360 stated that cooking fuel costs are primarily based on the Mont Belvieu Texas value, which suggests no matter goes on with them, impacts our personal costs.

Mont Belvieu is the location of the most important underground storage facility for liquefied petroleum fuel within the US. The US LPG market pricing indicator is pushed primarily by the Mont Belvieu market.

Adejo-Ogiri, government secretary of the Affiliation of Native Distributors of Gasoline stated that imported fuel costs are declining, which is mirrored within the native market.

Based on the U.S. Power Data Administration, the present value of pure fuel dropped by 76.1 % to $2.10 per a million British Thermal Models (BTU) on Might 31, 2023, from $8.78 per a million BTU.

Based on NBS, Cross River recorded the best common retail value for the refilling of a 12.5kg cylinder of cooking fuel with N11,083, adopted by Jigawa with N10,975 and Akwa Ibom with N10,174. Alternatively, the bottom common value was recorded in Adamawa with N7,925, adopted by Zamfara and Borno with N8,129 and N8,200 respectively.