In May 2024, the National Bureau of Statistics (NBS) reported a significant increase in the average retail price of kerosene in Nigeria. The price per liter rose from N1,439.64 in April to N1,450.35 in May, marking a 0.74% increase compared to the previous month. On a year-on-year basis, the price per liter of kerosene saw a substantial 20.26% increase, surging from N1,206.05 in May 2023 to N1,450.35 in May 2024.
The NBS report also provided insights into the average retail prices of kerosene across different states in Nigeria. Kano recorded the highest average retail price at an astonishing N6,900.28 per liter. This was followed by Adamawa at N6,295.63 and Yobe at N6,140.17. Conversely, Katsina recorded the lowest average retail price at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.
Analyzing the data by zones, the NBS report revealed that the North-Central region had the highest average retail price per liter of kerosene, standing at N1,534.12. The South-West followed closely at N1,488.97. On the other hand, the North-East recorded the lowest average retail price per liter of kerosene, with N1,408.41.
Notably, the average retail price per gallon of kerosene paid by consumers in May 2024 was N5,196.69, indicating a 0.43% increase from the previous month's price of N5,174.23. Comparing the prices on a year-on-year basis, the average price per gallon of kerosene saw a significant 23.49% increase, rising from N4,208.27 in May 2023.
Taking a closer look at the state profiles for kerosene per gallon, Kano once again stood out with the highest average retail price at N6,900.28. Adamawa followed closely at N6,295.63, and Yobe at N6,140.17. On the other end of the spectrum, Kwara recorded the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively.
This surge in kerosene prices has significant implications for consumers in Nigeria, especially those who heavily rely on kerosene for cooking and lighting purposes. As the cost of this essential commodity continues to rise, it puts a strain on household budgets and may lead to increased economic challenges for many Nigerians.
The increase in kerosene prices can be attributed to various factors, including fluctuations in global oil prices, transportation costs, and local market dynamics. As a result, consumers are urged to explore alternative energy sources and embrace energy-efficient practices to mitigate the impact of rising kerosene prices.
As the nation grapples with these escalating prices, it is imperative for policymakers and relevant authorities to consider measures that can stabilize the cost of kerosene and ensure its availability to all segments of society.
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