Kerosene soared by 136% to N1,105 in Dec – Report

The average retail price per litre of household kerosene rose by 136 per cent to N1,105 in December 2022 from N468 in the same period of the previous year, the latest data released by the National Bureau of Statistics has shown.

The report titled ‘National Household Kerosene Price Watch- December 2022’ stated that while consumers in December 2022 paid an average of N1,105 indicating an increase of almost two per cent, compared to N1,084 recorded in November 2022, on a year-on-year basis, the average retail price per litre of the product rose by 136 per cent from N468 in December 2021.

On state profile analysis, the highest average price per litre in December 2022 was recorded in Abuja with N1,383, followed by Akwa Ibom with N1,342 and Cross River with N1,300.

On the other hand, the lowest price was recorded in Bayelsa with N865, followed by Jigawa with N905 and Rivers with N917.

In addition, analysis by zone showed that the South-East recorded the highest average retail price per litre with N1,204, followed by the South-West with N1,178, while the North-West recorded the lowest with N1,011.

The average retail price per gallon paid by consumers in December 2022 was put at N3,753, showing an increase of four per cent from N3,594 in November 2022. On a year-on-year basis, it increased by 137 per cent from N1,583 in December 2021.  As of November, the average retail price per litre rose by about 146 per cent from N441 in November 2021.

The average retail price per litre paid by consumers in November 2022 on a month-on-month basis was N1,083, indicating an increase of four per cent, compared to N1,041 recorded in October 2022.

On state profile analysis, the highest average price per litre in November 2022 was recorded in Akwa Ibom with N1,417 followed by Cross River with N1,367, and Abuja with N1,307.

On the other hand, the lowest price was recorded in Borno with N876 followed by Rivers with N910 and Nasarawa with N913.

Meanwhile, a similar report by NBS on the Premium Motor Spirit price watch for January stated that petrol price rose by 55 per cent in the month.

The increase in price also affected diesel and cooking gas.