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Kerosene price rises by 23.33% in a year

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By Abdulwasiu Usman

Average retail price of kerosene rose by 5.84 percent in December 2023.

Nigeria’s impoverished and underprivileged population, reliant on kerosene as their primary cooking fuel, remains without relief as the cost of this essential commodity skyrockets. Recent data from the National Bureau of Statistics (NBS)  — indicate substantial surge in the average retail price per litre of Household Kerosene (HHK) paid by consumers in January 2023, reaching ₦1,362.27. This represents an alarming escalation of 23.33% compared to the preceding price of ₦1,104.61 witnessed in December 2022, further exacerbating the predicament faced by Nigeria’s underprivileged.

Analyzing the monthly data, the average retail price of kerosene — experienced a significant rise of 5.84 percent when compared to the preceding month’s figure of ₦1,287.10 in November 2023. Based on state analysis, Abuja topped the chart for having the highest average price per litre in December 2023, with a staggering ₦1,650.00. In second place was Ogun, closely behind with ₦1,609.52, followed by Benue with ₦1,594.44.

Household kerosene price in the South-West was ₦1,455.21 per litre.

On the opposite end of the spectrum, Kwara claimed the title for the lowest recorded price at ₦917.14, followed by Rivers with ₦969.70 and Nasarawa with ₦1,071.43, as reported. Zone analysis revealed that Household Kerosene exhibited varying average retail prices per litre across different regions. The South-West took the lead with an astonishing price of ₦1,455.21 per litre, closely trailed by the North-West at ₦1,420.48. Conversely, the South-East boasted the most affordable retail rate, marking a mere ₦1,264.49.

According to recent data from NBS, the average cost per gallon of household kerosene purchased by consumers in December 2023 came to ₦4,529.92. This marks a decrease of 1.17% compared to the average price of ₦4,583.44 recorded in November 2023. Additionally, on a year-on-year basis, there has been a significant increase of 20.69% from the average price of ₦3,753.38 in December 2022. State analysis shows that Bauchi outranks all other states in terms of average retail price per gallon for Household Kerosene, setting the bar at N5,600.00. Lagos comes in second place with ₦5,273.53, closely followed by Ekiti with ₦5,234.38.

Many Nigerians have changed cooking methods due to the price hike.

Meanwhile, Delta state reported the most economical cost at ₦3,234.29, closely trailed by Bayelsa and Kaduna at ₦3,538.03 and ₦3,560.00 respectively. A regional examination indicated that the North-East achieved the steepest average retail price per gallon of Household Kerosene at ₦5,077.08, with the South West region coming in second at ₦5,014.48. The South-South experienced the lowest average price at ₦3,957.17 in December 2023.

The observed decrease in value is evident when comparing to previous months. As of January 15, 2024, kerosene is priced at ₦1303.16 Nigerian Naira per liter. This price hike has resulted in a shift for many Nigerians, particularly those residing in rural and semi-urban regions who previously relied on kerosene-based cooking stoves. Consequently, they have now turned to firewood for their cooking needs due to the surge in fuel prices, which was considered the most affordable option several years back.

Related Article: Kerosene price rises by 163%, PMS by 54% 

It should be noted that the rise in cost of Kerosene is not an isolated occurrence, as other petroleum products in Nigeria, such as the widely consumed PMS, diesel, and cooking gas, have also experienced a similar upward trend. This surge in prices has had a direct impact on the availability and affordability of cooking gas, which is commonly utilized for cooking by a majority of Nigerians. NBS reports a 1.3 percent rise in the average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas from ₦10,050 in October 2022 to ₦10,180 in November 2022. On a yearly basis, it increased by 39 percent from ₦7308.06 in November 2021.


Related Link

NBS: Website


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AN-Toni
Editor
1 month ago

Kerosene price rises by 23.33% in a year.Average retail price of kerosene rose by 5.84 percent in December 2023. – Express your point of view.

Taiwo
Member
1 month ago

In a year, the price of kerosene increases by 23.33%. December 2023 saw an increase in the average retail price of kerosene of 5.84 percent. The price of kerosene has suddenly increased. It only explains the impact of the withdrawal of subsidies on all petroleum products.

Kazeem1
Member
1 month ago

It is evident that there has been a 23.33% increase. Additionally, the average retail price increased by 5.84 percent even in December 2023. These kind of price increases can seriously affect people’s finances, particularly for those who use kerosene for cooking and lighting. It’s critical that the government address this problem and figure out how to lower the cost of necessities for everybody.

Adeoye Adegoke
Member
1 month ago

That’s quite concerning to hear that the price of kerosene has risen by 23.33% in a year. It’s never easy when essential commodities become more expensive, especially for those who rely on kerosene for cooking and other household needs.
The 5.84% increase in the average retail price of kerosene in December 2023 further highlights the ongoing challenges faced by consumers. Such price hikes can have a significant impact on the budgets of many households, especially those with lower incomes.
It’s important for the government and relevant authorities to monitor and address these price increases to ensure that essential commodities like kerosene remain affordable and accessible to all. Exploring measures to stabilize prices and support consumers can help alleviate the burden on individuals and families.
Additionally, promoting alternative energy sources and renewable solutions could also be beneficial in the long run. By diversifying our energy options, we can reduce our dependence on kerosene and mitigate the impact of price fluctuations.
Overall, it’s crucial to prioritize the well-being and affordability of essential commodities for the welfare of the Nigerian people. I hope that measures will be taken to address these rising prices and ensure that kerosene remains affordable for all those who rely on it.

SarahDiv
Member
29 days ago

The surge in kerosene prices is hitting hard, especially for those relying on it for cooking. The 23.33% increase in a year adds to the struggles of the underprivileged. Regional variations show high prices in Abuja, and many are switching to firewood due to affordability concerns. The impact is widespread, affecting how we cook in our homes.