- Nigerians are happy over the drop in the price of cooking gas in June
- They took to social media to share receipts of the costs of the product
- According to them, they expect that with the removal of petrol subsidy, the price of the product will also crash
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.
Cooking gas prices now falls to lowest in nine months
Per the receipts displayed by Wale Adebayo, a writer, the prices sold between N9,375 and N13,000 in May now go for N6,950 for 12.5kg of cooking gas.
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“12.5kg of Cooking Gas in May – N9375, 12.5Kg of Cooking Gas in June – N6950. Maybe…just maybe…we should speak out when prices go down too. This feels good.”
Many Twitter users also shared the receipt in other contexts.
The development follows the removal of the petrol subsidy by President Tinubu ball 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.
Why cooking gas prices fall
According to TheCablethe 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).
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.
List of expensive states to buy cooking gas in Nigeria as 5kg refill hits N4,565
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.
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