Nigerians Paid ₦1,555 Per Liter for Kerosene in June – NBS Report

Kerosene Prices See Significant Increase in June 2024

The National Bureau of Statistics (NBS) has reported that Nigerians paid an average of ₦1,555 per liter for kerosene in June 2024, reflecting a significant increase compared to previous months and the same period last year.

In its National Household Kerosene Price Watch (June 2024) Report released on Tuesday, the NBS noted that the price of kerosene rose from ₦1,450 in May 2024, marking a 7.22 percent increase. In June 2023, the average price per liter was ₦1,236, indicating a year-on-year increase of 25.73 percent.

“The average retail price per liter of Household Kerosene (HHK) paid by consumers in June 2024 was ₦1,555.11, showing an increase of 7.22% compared to ₦1,450.35 recorded in May 2024. On a year-on-year basis, the average retail price per liter of the product rose by 25.73% from ₦1,236.91 in June 2023,” the report stated.

Regional Price Variations

The report highlighted significant variations in kerosene prices across different states. Kaduna, Benue, and Zamfara recorded the highest prices, while Kebbi, Taraba, and Sokoto saw the lowest increases.

“On state profile analysis, the highest average price per liter in June 2024 was recorded in Kaduna with ₦2,072.92, followed by Benue with ₦2,038.99 and Zamfara with ₦1,833.33. On the other hand, the lowest price was recorded in Kebbi with ₦1,248.15, followed by Taraba with ₦1,277.60 and Sokoto with ₦1,300.00,” the report detailed.

Zonal Analysis

Zonal analysis showed the North Central region had the highest average retail price per liter of Household Kerosene at ₦1,686.97, followed by the North-West at ₦1,589.68. The North-East recorded the lowest at ₦1,416.13.

Gallon Prices

The report also covered the average retail price per gallon of Household Kerosene, which increased by 9.66% from ₦5,196.69 in May 2024 to ₦5,698.68 in June 2024. Year-on-year, this represents a 33.49% increase from ₦4,269.13 in June 2023.

“On state profile analysis, Kano and Sokoto recorded the highest average retail price per gallon of Household Kerosene with ₦7,500.00, followed by Kaduna with ₦7,250.00 and Katsina with ₦7,100.00. On the other hand, Rivers recorded the lowest price with ₦3,200.00, followed by Niger and Delta with ₦4,290.10 and ₦4,471.43 respectively,” the report added.

Zonal analysis showed that the North-West had the highest average retail price per gallon of Household Kerosene at ₦6,899.49, followed by the North-East at ₦6,155.96, while the South-South recorded the lowest at ₦4,621.95.