Kerosene Prices Hit N1,362/Litre In December 2023, Adding Strain On Nigerian Households

Kerosene Prices Hit N1,362/Litre In December 2023, Adding Strain On Nigerian Households

In a concerning development, the average retail price of kerosene in Nigeria surged to N1,362.27 per litre in December 2023, marking a significant 5.84% increase from November 2023, as reported by the Nigerian Bureau of Statistics (NBS)…..CONTINUE READING

This upward trend poses an additional burden on households, particularly those reliant on kerosene for cooking and lighting.

The year-on-year escalation is stark, with prices soaring by 23.33% from N1,104.61 per litre in December 2022. The fluctuation in kerosene prices reflects broader economic challenges, including inflationary pressures and global oil price fluctuations.

The state-level analysis revealed notable disparities, with Abuja leading with the highest average price per litre at N1,650.00, followed closely by Ogun at N1,609.52 and Benue at N1,594.44. Conversely, Kwara emerged with the lowest price at N917.14.

Breaking down the figures by geographical zones, the southwest experienced the highest average retail price per litre at N1,455.21, while the northwest followed closely at N1,420.48, and the southeast recorded the lowest at N1,264.49.

Shifting focus to per-gallon prices, consumers paid an average of N4,529.92 for household kerosene in December 2023, reflecting a slight decline of 1.17% from November 2023. On a year-on-year basis, this represented a substantial increase of 20.69%.

Bauchi topped the list for per-gallon prices at N5,600.00, followed by Lagos at N5,273.53, and Ekiti at N5,234.38. Delta recorded the lowest price at N3,234.29.

The North-East led the zones 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, encapsulating the challenging pricing landscape for consumers in the final month of 2023.