Nigeria Records Over 50% Increase in Kerosene Price, Residents of 3 States Pay Highest Price

• The average price for buying one litre or a gallon of kerosene for cooking by households has increased again
• A new report from the NBS showed that the price for one litre of kerosene rose by 50.95%, while the price for a gallon increased by 54.43%
• The highest price increase for a litre was recorded in the North-Central region, while the greatest increase for a gallon was observed in the North-West

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(NBS) has revealed that the average retail price per litre of Household Kerosene (HHK) paid by consumers in 2024 increased to N2,056.38.

This was an increase of 50.95% on a year-on-year basis compared to N1,362.27 recorded in December 2023.

On a month-on-month basis, the average retail price per litre of the product rose by 0.66% from N2,042.93 in November 2024.

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

Also, the bureau disclosed that the average retail price per gallon of household kerosene paid by consumers in December 2024 was N6,995.50, indicating an increase of 0.35% from N6,970.99 in November 2024.

While on a year-on-year basis, this increased by 54.43% from N4,529.92 in December 2023.

Breakdown of kerosene price by states and zones

In the state profile analysis, Abuja had the highest average price per litre of kerosene in December 2024, at N2,950.00, followed by Akwa Ibom at N2,538.26 and Kaduna at N2,510.63.

On the other hand, the lowest price was recorded in Borno at N1,520.41, followed by Bayelsa at N1,537.22 and Adamawa at N1,696.54.

Additionally, the zonal analysis showed that the North Central region recorded the highest average retail price per litre of household kerosene, N2,278.76, followed by the North West, N2,203.20.

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In contrast, the South-East recorded the lowest average price at N1,795.09, Punch reports.

State breakdown by gallon

On the state profile analysis, Katsina recorded the highest average retail price per gallon of household kerosene, N8,948.00, followed by Jigawa, N8,530.00, and Kebbi, N8,340.00.

Conversely, Adamawa recorded the lowest price at N5,330.80, followed by Nasarawa and Niger at N5,355.00 and N5,400.92, respectively.

Zonal analysis showed that the North West recorded the highest average retail price per gallon of household kerosene, at N8,112.09, followed by the South East, at N7,794.08. In contrast, the North Central recorded the lowest, at N6,227.84.

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Legit.ng earlier reported that the NBS revealed that the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N1189.12 in December 2024.

December petrol price indicated a 76.99%% increase compared to the N671.86 per litre average price in December 2023.

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The report provided a detailed breakdown of states with the highest petrol prices.

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

Source: Legit.ng