Kerosene hit N1,362/litre in December 2023 – NBS

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In December 2023, the average retail price of kerosine nationally rose to N1,362.27 per litre.
This represented a 5.84 percent rise over the N1,287.10 reported in November 2023.
According to the most recent Nigerian Bureau of Statistics data released on Tuesday, the increase was 23.33 percent year on year, rising from N1,104.61 in December 2022.
A thorough state examination revealed a discrepancy in costs throughout the country.

NBS notes, “Abuja led the pack with the highest average price per litre at N1,650.00, closely trailed by Ogun at N1,609.52 and Benue at N1,594.44.

“Conversely, Kwara emerged with the lowest price recorded at N917.14, followed by Rivers with N969.70 and Nassarawa with N1,071.43”

NBS’ further examination based on geographical zones disclosed that the southwest experienced the highest average retail price per litre of household kerosene, reaching N1,455.21.

The northwest followed closely at N1,420.48, while the southeast recorded the lowest at N1,264.49.

Shifting the focus to the per-gallon prices, NBS stated that, “consumers paid an average of N4,529.92 for household kerosene in December 2023, indicating a slight decline of 1.17% from the N4,583.44 recorded in November 2023.

On a yeanr-on-year basis, this reflected a substantial increase of 20.69 per cent from N3,753.38 in December 2022.”

The state-level analysis for per-gallon prices revealed Bauchi topping the list at N5,600.00, trailed by Lagos at N5,273.53 and Ekiti at N5,234.38. Conversely, Delta recorded the lowest price at N3,234.29, followed by Bayelsa and Kaduna with N3,538.03 and N3,560.00, respectively.

“Zone-wise, the North-East led with the highest average retail price per gallon of Household Kerosene at N5,077.08, closely followed by the South West at N5,014.48.

In contrast, the South-South recorded the lowest average price per gallon at N3,957.17, rounding off the challenging pricing landscape for consumers in the final month of 2023”, NBS said.