According to the National Bureau of Statistics (NBS), the average retail price of a litre of kerosene in Nigeria increased from N1,329 in January 2024 to N1,340 in February 2024. Although this represents a slight decrease of 0.86% compared to January, it signifies a year-on-year increase of 14.23% from February 2023.
Here are some key points from the NBS report:
- State Profiles: Kaduna recorded the highest average price of N1,866 per litre of kerosene in February, followed by Benue at N1,769 and Niger at N1,710. Conversely, the lowest price was recorded in Bayelsa at N971, followed by Rivers at N1,065 and Kwara at N1,070.
- Regional Analysis: The North-Central region recorded the highest average retail price per litre of kerosene at N1,486, followed by the North-East at N1,387. The South-South recorded the lowest average retail price per litre of kerosene at N1,231.
- Price per Gallon: The average retail price per gallon of kerosene paid by consumers in February 2024 was N4,880, showing a slight increase of 0.19% from January 2024. On a year-on-year basis, the price per gallon increased by 24.29% from February 2023.
- State Profiles for Gallon Prices: Adamawa recorded the highest average retail price at N6,092 per gallon of kerosene, followed by Bauchi at N5,910 and Kano at N5,779. Conversely, Delta recorded the lowest price at N4,025, followed by Abuja and Ondo at N4,250 and N4,400, respectively.
- Regional Analysis for Gallon Prices: The North-East recorded the highest average price per gallon of kerosene at N5,553, followed by the North-West at N5,072. The South-East recorded the lowest average price per gallon of kerosene at N4,518.
The report indicates a continuing trend of increasing kerosene prices, which may have implications for consumers across the country, particularly those in states and regions with higher average prices.