Surge in Kerosene Prices Hits Households: 57.185% Increase

In a startling revelation, the National Bureau of Statistics (NBS) has unveiled a significant spike in household kerosene prices during the month of August 2023. According to the latest data, consumers across the nation had to dig deeper into their pockets, shelling out N1,272.40 per litre for this essential fuel, as opposed to the N1,260.81 recorded just a month earlier in July 2023.

The NBS report highlighted a month-on-month increase of 0.92%, but the most concerning figure emerged when considering a year-on-year perspective. The average retail price per litre of kerosene skyrocketed by a staggering 57.18% from N809.52 in August 2022.

Delving into the specifics, the analysis of state-wise pricing revealed Adamawa as the hardest-hit, with the highest average price per litre soaring to a remarkable N1,745.83. Benue followed closely behind, reporting a significant N1,468.33 per litre, with the Federal Capital Territory (FCT) securing the third spot at N1,486.89.

Conversely, those in Jigawa enjoyed a more favorable situation with the lowest price recorded at N1,000.00. Edo and Kaduna were also among the states with relatively lower kerosene prices, standing at N1,104.78 and N1,121.79 per litre, respectively.

Zooming out for a broader perspective, the NBS zonal analysis unveiled that the North-East region bore the brunt of the kerosene price surge, with an average retail price per litre of N1,370.64. The South-East came in second place at N1,332.49, while the North-West recorded the lowest regional price at N1,163.25.

Moving beyond the litre measurement, the average retail price per gallon of household kerosene in August 2023 weighed in at a burdensome N4,351.53. This marked a 1.06% increase from the N4,306.07 reported in July 2023. On a year-on-year scale, the jump was equally unsettling, with an alarming 47.63% increase from N2,947.65 in August 2022.

Taking a closer look at states, Lagos ranked at the top with the highest average retail price per gallon at N5,350.83, trailed by Katsina at N4,991.85, and Borno at N4,897.47. Conversely, Delta reported the most favorable pricing at N2,945.71, with Rivers and Oyo not far behind, at N3,287.50 and N3,711.79, respectively.

Lastly, when examining the zonal breakdown, the North-East once again endured the highest average retail price per gallon of household kerosene, standing at N4,637.71. The South-East followed closely with an average of N4,590.69, while the South-South recorded the lowest regional price at N3,727.30.

The surge in kerosene prices has undoubtedly placed a heavier burden on the shoulders of consumers across Nigeria, raising concerns about the economic impact and the need for strategic measures to mitigate the rising costs of essential commodities.