Economy

Kerosene Prices Rose By 57.18% in August — NBS

ByYusuf Oketola

PublishedOctober 6, 2023

A report by the National Bureau of Statistics has revealed that the household kerosene prices surged by 57.18 per cent, reaching N1,272.40 per litre in August.

The NBS’ National Household Kerosene Price Watch report made available to newsmen noted that this sharp increase from last year’s N809.52 in August 2022 highlighted escalating energy costs.

The report revealed an uptick on a month-on-month basis, with the average price per litre at N1,272.40, a concerning 0.92 per cent rise from July’s N1,260.81.

State-level analysis shows substantial pricing disparities.

Adamawa led at N1,745.83 per litre, trailed closely by Benue at N1,468.33 and Abuja at N1,486.89.

Conversely, 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 part of Nigeria faced the highest average price per litre at N1,370.64, followed closely by the South-East at N1,332.49.

In contrast, the North-Western region experienced relatively lower prices at N1,163.25.

On gallon prices, consumers encountered an average cost of N4,351.53, reflecting a 1.06 per cent increase from July’s N4,306.07. On a year-on-year basis, this marked a 47.63 per cent rise from N2,947.65 in August 2022.

According to the report, Lagos emerged with the highest HHK prices, reaching a staggering N5,350.83 per gallon, followed closely by Katsina at N4,991.85 and Borno at N4,897.47.

However, Delta provided some relief, pricing HHK at N2,945.71 per gallon, followed by Rivers and Oyo at N3,287.50 and N3,711.79, respectively.

Further, gallon prices also demonstrated regional disparities, with the North-Eastern region experiencing the highest average at N4,637.71, closely shadowed by the South-East at N4,590.69.

In contrast, the South-South region offered a more affordable option at N3,727.30, reflecting the diverse economic challenges faced by different regions in the country.

Yusuf Oketola

Yusuf Oketola

Yusuf Oketola is a trained journalist with over five years of experience in the media industry. He has worked for both print and online medium. He is a thorough-bred professional with an eye of hindsight on issues bothering on social justice, purposeful leadership, and a society where the leaders charge and work for the prosperity of the people.