Marketers Adjust Price of Kerosene Again, Residents of 10 States Pay More
- Nigerians once again paid more to buy kerosene, a vital source of energy for cooking and heating water in many Nigerian households
- New data from the NBS report shows that both the price of a gallon and a litre of kerosene increased month on month and year on year
- Residents of 10 states paid more for the product, while on a zonal basis, the north recorded the highest prices
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 May 2024 was N1,450.35.
This is a slight increase of 0.74% when compared to the N1,439.64 average price for a litre recorded in April 2024.
Source: Getty Images
However on a year-on-year basis comparison, the average litre of kerosene price in May represents a 20.26% from N1,206.05 in May 2023.
The NBS disclosed this in its latest price watch report published on its website and obtained by Legit.ng.
Breakdown of Kerosene price by states
In its state profile analysis, the NBS reported that Benue had the highest average price per litre in May 2024 at N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.
On the hand, the lowest prices were found in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.
Breakdown of Kerosene price by zones
Furthermore, the analysis by zone revealed that the North Central had the highest average retail price per litre of Household Kerosene at N1,534.12, followed by the South-West at N1,488.97.
In contrast, the North-East recorded the lowest price at N1,408.41.
Kerosene price by gallon
The NBS also disclosed that the average retail price per gallon of Household Kerosene paid by consumers in May 2024 was N5,196.69.
This figure represents a 0.43% increase from N5,174.23 in April 2024, as reported by Punch. On a year-on-year basis, this indicates a 23.49% increase from N4,208.27 in May 2023.
State breakdown by gallon
On state profile analysis, Kano recorded the highest average retail price per gallon of Household Kerosene with N6,900.28, followed by Adamawa with N6,295.63 and Yobe with N6,140.17.
On the other hand, Kwara recorded the lowest price with N4,235.42, followed by Delta and Akwa Ibom with N4,320.39 and N4,362.81 respectively.
Analysis by zone showed that the North-East recorded the highest average retail price per gallon of Household Kerosene with N5,951.06, followed by the North West with N5,560.03, while the North-Central recorded the lowest with N4,659.73.
Here are the 10 most expensive states to buy one litre of kerosene
- Benue - N1,790.92
- Kaduna - N1,769.65
- Cross River - N1,722.94
- Plateau - N1,720.47
- Niger - N1,650.76
- Ondo - N1,644.07
- Abuja - N1,620.49
- Zamfara - N1,580.17
- Ogun - N1,572.35
- Delta - N1,545.87
- Osun - N1,511.13
7 major marketers get approval to sell Dangote fuel
Earlier, Legit.ng reported that about seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery to lift and distribute refined petroleum products from the plant.
Dealers under the auspices of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed that with the registration, they would begin the distribution of fuel produced at the plant once the commercial terms are finalised.
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Source: Legit.ng
