Business
Kerosene prices rise by 51.18% as inflation bites hard
The National Bureau of Statistics (NBS) has stated that household kerosene prices surged by 57.18 percent, reaching N1,272.40 per litre in August.
The NBS’ National Household Kerosene Price Watch report noted that this sharp increase from last year’s N809.52 in August 2022 highlighted escalating energy costs.
The report shows a month-on-month increase, with the average price per litre at N1,272.40, a disturbing 0.92 percent increase from N1,260.81 in July.
Analysis at state levels shows substantial pricing disparities.
Adamawa was the highest, selling at N1,745.83 per litre; it trailed closely by Benue at N1,468.33 and Abuja at N1,486.89.
Jigawa offered a more affordable HHK at N1,000.00, followed by Edo at N1,104.78 and Kaduna at N1,121.79.
Regionally, the North-Eastern region of Nigeria had the highest average price per litre at N1,370.64, followed closely by the South-East at N1,332.49.
In comparison, the North-Western region had relatively lower prices at N1,163.25.
Consumers paid an average of N4,351.53 per gallon, a 1.06 percent rise from the previous month’s N4,306.07. Year on year, this represents a 47.63 percent increase from N2,947.65 in August 2022.
According to the survey, Lagos had the highest HHK costs, hitting N5,350.83 a gallon, closely followed by Katsina at N4,991.85 and Borno at N4,897.47.
Delta, on the other hand, offered some respite by pricing HHK at N2,945.71 a gallon, followed by Rivers and Oyo at N3,287.50 and N3,711.79, respectively.
Furthermore, gallon pricing showed regional variations, with the North-East having the highest average at N4,637.71, closely followed by the South-East at N4,590.69.
In contrast, the South-South region provided a cheaper kerosene price at N3,727.30, illustrating the country’s varying economic circumstances.
