Kerosene Prices Stabilize Nationwide with Minimal Monthly Increases – NBS

By Joke Kujenya

AVERAGE RETAIL price per litre of household kerosene in Nigeria exhibits a marginal monthly increase, indicating a period of relative price stability for consumers as contained in the newly released comprehensive report by the National Bureau of Statistics (NBS).

The bureau’s report notes that as of May 2024, the average retail price per litre stood at N1,450.35, reflecting a slight rise of 0.74% from the previous month’s average of N1,439.64.

On a year-on-year basis, the price per litre saw a substantial increase of 20.26% from N1,206.05 recorded in May 2023.

The state-level analysis revealed significant variations in kerosene prices across the country with Benue state recording the highest average price per litre at N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.

These figures indicate higher-than-average prices in these states, reflecting regional economic conditions and supply factors.

On the other hand, Katsina recorded the lowest average price per litre at N1,230.81, with Kwara and Jigawa following at N1,260.07 and N1,263.91, respectively.

These states, according to the report, benefitted from relatively lower prices, providing some financial relief to households in these regions.

Zonal analysis provided further insights into the regional differences in kerosene prices as the North Central zone reported the highest average retail price per litre at N1,534.12, followed by the South-West zone at N1,488.97.

In contrast, the North-East zone recorded the lowest average price per litre at N1,408.41, indicating a more favorable pricing environment for consumers in this region.

The NBS report also highlighted the average retail price of household kerosene per gallon.

In May 2024, the average price per gallon was N5,196.69, marking a minimal month-on-month increase of 0.43% from N5,174.23 in April 2024, adding that year-on-year, this price saw a notable rise of 23.49% from N4,208.27 in May 2023.

Kano state registered the highest average price per gallon at N6,900.28, followed by Adamawa at N6,295.63 and Yobe at N6,140.17.

These high prices in certain states could be attributed to factors such as transportation costs and supply chain challenges, the NBS report states.

Conversely, Kwara had the lowest average price per gallon at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively as part of the states that enjoyed more affordable kerosene prices, which could be due to more efficient distribution networks or local subsidies.

As for the zonal analysis of kerosene prices per gallon, the report revealed that the North-East zone had the highest average retail price at N5,951.06, followed by the North-West zone at N5,560.03, noting that the North-Central zone recorded the lowest average price per gallon at N4,659.73, providing some price relief to households in this region.

The NBS says the extensive survey was conducted through diverse fieldwork carried out by over 700 staff members across all states and the Federal Capital Territory (FCT).

The officials collected prices from more than 10,000 respondents and outlets, ensuring a comprehensive and accurate reflection of kerosene prices nationwide.

The data collection process involved verification and auditing to maintain the integrity of the reported figure.

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