Kerosene Hit ₦1,362/Litre In December 2023 – NBS

In a concerning development for consumers across Nigeria, the average retail price of kerosene soared to ₦1,362.27 per litre in December 2023.

This significant increase represents a 5.84% rise from the ₦1,287.10 per litre recorded in November 2023, as reported in the latest release by the Nigerian Bureau of Statistics (NBS).

The NBS report, obtained on Tuesday, highlighted a substantial year-on-year escalation of 23.33%, with prices jumping from ₦1,104.61 per litre in December 2022.

This upward trend in kerosene prices is placing an additional burden on Nigerian households, many of which rely on the fuel for cooking and lighting.

An in-depth state-by-state analysis revealed notable disparities in kerosene prices across the country, indicating a varied impact on consumers depending on their location.

This variation in prices can be attributed to factors such as transportation costs, availability, and local market dynamics.

The sharp increase in kerosene prices is a reflection of broader economic challenges facing Nigeria, including inflationary pressures and fluctuations in global oil prices.

NBS notes, “Abuja led the pack with the highest average price per litre at ₦1,650.00, closely trailed by Ogun at ₦1,609.52 and Benue at ₦1,594.44.

“Conversely, Kwara emerged with the lowest price recorded at N917.14, followed by Rivers with N969.70 and Nassarawa with ₦1,071.43”

NBS’ further examination based on geographical zones disclosed that the southwest experienced the highest average retail price per litre of household kerosene, reaching ₦1,455.21.

The northwest followed closely at ₦1,420.48, while the southeast recorded the lowest at ₦1,264.49.

Shifting the focus to the per-gallon prices, NBS stated that, “consumers paid an average of ₦4,529.92 for household kerosene in December 2023, indicating a slight decline of 1.17% from the ₦4,583.44 recorded in November 2023.

“On a year-on-year basis, this reflected a substantial increase of 20.69 per cent from ₦3,753.38 in December 2022.”

The state-level analysis for per-gallon prices revealed Bauchi topping the list at ₦5,600.00, trailed by Lagos at ₦5,273.53 and Ekiti at ₦5,234.38.

Conversely, Delta recorded the lowest price at ₦3,234.29, followed by Bayelsa and Kaduna with ₦3,538.03 and ₦3,560.00, respectively.

NBS said, “Zone-wise, the North-East led with the highest average retail price per gallon of Household Kerosene at ₦5,077.08, closely followed by the South West at ₦5,014.48.

“In contrast, the South-South recorded the lowest average price per gallon at ₦3,957.17, rounding off the challenging pricing landscape for consumers in the final month of 2023.”