Marketers Adjust Price of Kerosene As Cooking Gas Price Falls

Marketers Adjust Price of Kerosene As Cooking Gas Price Falls

  • Kerosene price has once again increased, leaving many Nigerian households with more tough decisions to make
  • The NBS report shows that both the price of a gallon and a litre of kerosene increased month on month and year on year
  • The highest average price was recorded in Akwa-Ibom, Oyo and Delta, while the lowest price was recorded in Adamawa, Taraba

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics has revealed that the average retail price per litre of Household Kerosene (HHK) paid by consumers in July 2024 was N1,769.86.

This is an increase of 13.81% compared to the N1,555.11 average price for a litre recorded in June 2024.

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Kerosene price in Nigeria
Nigerians pay more to buy Kerosene Photo credit: businessday
Source: Getty Images

On a year-on-year comparison, the average kerosene price in July is 40.37% from N1,260.81 in July 2023.

On a year-on-year basis, the average retail price per litre of the product rose by 40.37% from N1,260.81 in July 2023

The NBS disclosed the figures in its latest price watch report published on its website, obtained by Legit.ng.

Breakdown of Kerosene price by states

The report revealed that in July 2024, Akwa Ibom recorded the highest average price per litre at N2,383.33, followed by Oyo at N2,375.00 and Delta at N2,309.52.

Conversely, Adamawa had the lowest price at N1,171.11, followed by Taraba at N1,191.30 and Borno at N1,381.58.

Breakdown of Kerosene price by zones

Additionally, the report indicated that the South-South region recorded the highest average retail price per litre of household kerosene at N2,086.61, followed by the South-West at N2,051.27. At the same time, the North-East had the lowest at N1,411.97.

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Kerosene price by gallon

The NBS also reported that in July 2024, the average retail price per gallon of household kerosene was N5,762.10.

This represents a 1.11% increase from N5,698.68 in June 2024. On a year-on-year basis, the price rose by 33.81% from N4,306.07 in July 2023.

State breakdown by gallon

In the state profile analysis, Jigawa recorded the highest average retail price per gallon of household kerosene at N7,250.00, followed by Taraba at N7,218.27 and Kebbi at N7,158.33.

Conversely, Rivers had the lowest price at N4,234.62, with Delta and Bayelsa following at N4,500.00 and N4,800.00, respectively.

On a zonal basis, the North-West recorded the highest kerosene price at N6,742.41, followed by the North-East at N6,174.76, while the North-Central had the lowest at N4,988.61.

Cooking gas prices fall

Legit.ng previously reported that the NBS revealed that refilling cooking gas in Nigeria has reduced, and dealers are quoting new prices.

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Dealers increase cost of refilling cooking gas again, report shows 10 most expensive states

The reduction is compared to the amount Nigerians paid in the previous month for refilling a 5kg and 12.5kg cylinder.

Residents of Borno recorded the highest average price for refilling a 5kg cylinder, while the lowest price was recorded for 12.5kg in Kwara.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.