Kerosene Price Surges to N1,340 Per Litre in February, Reports NBS.
The National Bureau of Statistics (NBS) has reported a rise in the average retail price of kerosene from N1,329 per litre in January to N1,340 per litre in February this year, reflecting a 0.86% increase. The data was published in the NBS National Household Kerosene Price Watch for February 2024, released on Thursday in Abuja.
Year-on-year comparisons also show a significant increase of 14.23%, with the average price per litre rising from N1,173 in February 2023 to N1,340 in February 2024.
State-wise analysis revealed that Kaduna State recorded the highest average price of N1,866 per litre of kerosene in February, followed by Benue and Niger states with N1,769 and N1,710 per litre, respectively.
The NBS report highlighted the following key points:
Average retail price per litre of Household Kerosene (HHK) in February 2023 was N1,173.89, showing a 1.78% increase from January 2023. Year-on-year, there was a substantial 160.48% rise from N450.66 in February 2022.
Plateau State had the highest average price per litre in February 2023 at N1,550.00, followed by Abuja and Adamawa.
Nassarawa State recorded the lowest price at N923.81 per litre, followed by Katsina and Sokoto.
The South-West zone had the highest average retail price per litre of Household Kerosene at N1,259.96, followed by the South-East, while the North-West had the lowest.
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The average retail price per gallon of Household Kerosene in February 2023 was N3,926.23, indicating a 1.03% increase from January 2023 and a significant 151.72% increase year-on-year from February 2022.
The rise in kerosene prices has implications for household budgets, especially for lower-income families who rely heavily on kerosene for cooking and lighting purposes.
