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
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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.
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.
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.
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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