The drop in cooking gas prices in Nigeria has triggered reactions from Nigerians on social media. According to reports, several Nigerians took to Twitter to display receipts of cooking gas purchased on June 1, 2023.
Many Twitter users also shared the receipt in other contexts. The development follows the removal of the petrol subsidy by President Bola Tinubu on the day of his inauguration. Social media users said that the drop in the price of gas shows that petrol prices will crash with time as more marketers enter the market.
According to TheCable, the government does not subsidize cooking gas, meaning market forces determine the price.
Analysts have said the drop in the price of cooking gas is a supply-driven phenomenon. BusinessDay reports that the average retail price for refilling a 12.5 kg cooking gas cylinder declined by 0.23 percent in February 2023, the first time in almost two years, according to data from the National Bureau of Statistics (NBS). RECOMMENDED FOR YOU Reactions as Nancy Isime rocks dazzling hijab outfit to northern state: “Em… Data obtained from the NBS indicates that cooking gas prices fell last in May 2021, when the product was sold for N4288.95 per 12.5 kg. According to the NBS, the average retail price declined from N10,277 in January to N10,253 last month. On a year-on-year basis, it rose by 38 percent from N7,447 in February 2022.
Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N4,565.56 in December 2022. NBS stated this in its price watch report published on its website and obtained by Legit.ng. The December retail price for cooking gas is 0.36% monthly increase when compared to N4,549.14 recorded in November 2022.
Source: Legit.ng
