Price of Kerosene Rises Above N2,000 Per Litre, Report Highlights States With Highest Costs
- The National Bureau of Statistics has revealed that the prices of kerosene have once again increased
- The bureau, in its latest report, stated that both the price for a litre and gallon of kerosene rose month-on-month and year-on-year
- Nigerians living in North Central paid the highest average retail price while Abuja, Kaduna and Akwa Ibom lead for states
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 average retail price per litre of Household Kerosene (HHK) paid by consumers in October 2024 increased to N1,957.44.
This is an increase of 3.07% compared to N1,957.44 recorded in September 2024.
Source: Getty Images
On a year-on-year basis, the average retail price per litre of the product rose by 54.81% from N1,303.16 in October 2023.
The average retail price per gallon of Household Kerosene paid by consumers in October 2024 was N6,949.75, indicating an increase of 1.93% from N6,818.11 in September 2024.
Meanwhile, on a year-on-year basis, this increased by 51.68% from N4,581.89 in October 2023.
The NBS disclosed the figures in its latest price watch report, published on its website and obtained by Legit.ng.
Breakdown of kerosene price by states and zones
On a state profile analysis, the highest average price per litre in October 2024 was in Abuja with N2,875.00, followed by Akwa Ibom with N2,518.89 and Kaduna with N2,500.79.
On the other hand, the lowest price was recorded in Borno at N1,500.30, followed by Bayelsa at N1,500.67 and Adamawa at N1,679.19.
In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with N2,242.67, followed by the North-West with N2,168.28.
In contrast, the South-East recorded the lowest with N1,772.94.
State breakdown by gallon
On state profile analysis, Katsina recorded the highest average retail price per gallon of Household Kerosene, N8,900.50, followed by Jigawa, N8,500.00, and Kebbi, N8,300.
On the other hand, Adamawa recorded the lowest price with N5,300.44, followed by Nassarawa and Niger with N5,325.41 and N5,381.88 respectively.
Analysis by zone showed that the North-West recorded the highest average retail price per gallon of Household Kerosene with N8,070.54, followed by the South-East with N7,760.01, while the North-Central recorded the lowest with N6,176.20.
Cooking gas prices rise
Legit.ng previously reported that the NBS revealed that refilling cooking gas in Nigeria increased in October 2024.
The bureau stated that the price of a 5kg cylinder increased by 3.32% while the cost of 12.5kg rose by 2.58%.
Borno, Yobe, and Benue occupied the position of the states with the highest cooking prices for 5kg cylinders.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
Source: Legit.ng
