Kerosene Price Hits N1,340 Per Litre Amid Inflation Surge

Kerosene Price Hits N1,340 Per Litre Amid Inflation Surge

The National Bureau of Statistics (NBS) has released alarming data indicating a substantial increase in the price of Household Kerosene (HHK), commonly used for cooking purposes. This surge mirrors the country’s inflationary trend, which soared to 31.70% in February……READ ALSO Kerosene Prices Hit N1,362/Litre In December 2023, Adding Strain On Nigerian Households

As reported by Channels TV, the NBS’s recent ‘National Household Kerosene Price Watch’ reveals a rise in the price per litre of kerosene from N1,329.53 in January to N1,340.94 in February 2024, marking an 0.86% increment.

This escalation in household kerosene prices coincides with the broader economic challenges faced by Nigerians, as evidenced by the surge in the overall inflation rate from 29.90% in January to 31.70% in February.

Year-on-year analysis depicts a staggering 14.23% surge in the cost of kerosene per litre from N1,173.89 in February 2023, exacerbating financial strains on low-income households.

State-level breakdown reveals Kaduna, Benue, and Niger as experiencing the highest average kerosene prices, while Bayelsa, Rivers, and Kwara recorded the lowest.

Geographically, the North Central zone grappled with the highest costs, averaging N1,486.50 per litre, while the South-South enjoyed relatively lower prices at N1,231.24.

On a gallon basis, the average retail price surged to N4,880.02 in February 2024, representing a 0.19% increase from January. Moreover, the annual increment was significant, marking a 24.29% rise from February 2023.

Adamawa, Bauchi, and Kano emerged with the highest per gallon prices, contrasting with Delta, Abuja, and Ondo, which had the lowest.

The NBS inflation report underscores the far-reaching effects across various sectors, with food and non-alcoholic beverages being prominent contributors to the headline inflation index.

The cumulative impact of rising prices in essential sectors like housing, transportation, and healthcare further strains the purchasing power of Nigerians, exacerbating their struggles to afford basic necessities.

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