Kerosene Hit N1,362/Litre In December 2023

In a concerning development for consumers across Nigeria, the average retail price of kerosene soared to N1,362.27 per litre in December 2023.

This significant increase represents a 5.84% rise from the N1,287.10 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 N1,104.61 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 N1,650.00, closely trailed by Ogun at N1,609.52 and Benue at N1,594.44.

“Conversely, Kwara emerged with the lowest price recorded at N917.14, followed by Rivers with N969.70 and Nassarawa with N1,071.43”

NBS’ further examination based on geographical zones disclosed that the southwest experienced the highest average retail price per litre of household kerosene, reaching N1,455.21.

The northwest followed closely at N1,420.48, while the southeast recorded the lowest at N1,264.49.

Shifting the focus to the per-gallon prices, NBS stated that, “consumers paid an average of N4,529.92 for household kerosene in December 2023, indicating a slight decline of 1.17% from the N4,583.44 recorded in November 2023.

“On a year-on-year basis, this reflected a substantial increase of 20.69 per cent from N3,753.38 in December 2022.”

The state-level analysis for per-gallon prices revealed Bauchi topping the list at N5,600.00, trailed by Lagos at N5,273.53 and Ekiti at N5,234.38.

Conversely, Delta recorded the lowest price at N3,234.29, followed by Bayelsa and Kaduna with N3,538.03 and N3,560.00, respectively.

NBS said, “Zone-wise, the North-East led with the highest average retail price per gallon of Household Kerosene at N5,077.08, closely followed by the South West at N5,014.48.

“In contrast, the South-South recorded the lowest average price per gallon at N3,957.17, rounding off the challenging pricing landscape for consumers in the final month of 2023.”