Prices of Liquefied Petroleum Gas (cooking gas) in Africa’s biggest economy fell for the first time in a year in May, offering an unexpected and brief respite to households.
The price of a 12.5kg cylinder of cooking gas dropped by 30 percent owing to lower crude oil prices and a decline in global gas prices.
In a survey of major cities in Nigeria, the price of cooking gas is trending downwards to N7,000 currently from N10,000 two months ago.
ALSO READ:
- Fuel importation: Where Governors got it wrong
- Sahara Group Foundation launches MADAA to drive home-grown innovation in Africa
- Dangote Refinery replies oil marketers
- TCN restores bulk power supply to some Northern States
- Virtuitis Solaris, 21 developers seal deal with REA to expand electricity access in Nigeria
The drop in price is expected to ease some of the burden on cash-strapped households, who have been dealing with accelerating inflation since last year coupled with the recent hike in fuel prices as a result of subsidy removal.