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Business News of Friday, 27 January 2023


Average retail price of kerosene up 136% in one year

Kerosene file image Kerosene file image

The average retail price paid by Nigerians for kerosene rose by 136 per cent in one year, the National Bureau of Statistics (NBS) said in a report released on Thursday.

In the document titled “National Household Kerosene Price Watch December 2022,” the statistics office observed that the average retail cost of kerosene in December 2022 was N1,104, indicating an increase of 1.94 per cent compared to N1,083.57 recorded in November 2022.

However, on a year-on-year basis, the bureau said the average retail price per litre rose by 136 per cent from N467.97 in December 2021.

State price watch shows the highest average retail price for kerosene was recorded in Abuja at N1,383, followed by Akwa Ibom at N1,341 and Cross River at N1,300.

On the other hand, the lowest price was recorded in Bayelsa as a litre sold for N864, followed by Jigawa at N904 and Rivers at N916.

The NBS noted that the South-east was the region with the highest average retail price, with kerosene selling at N1,203, followed by the South-west at N1,177, while the North-west recorded the lowest at N1,011.

According to the bureau, kerosene averaged N3,753 per gallon in December 2022, an increase of 4.42 per cent from N3,594 in November 2022. The price also rose by 137 per cent from N1,582 year on year.

Abia recorded the highest average retail price per gallon of kerosene across the states at N4,546, followed by Kwara at N4,515 and Enugu at N4,426.

Borno recorded the lowest price at N2,750, followed by Gombe and Bayelsa at N2,775 and N2,814 respectively.

The report noted that the South-east recorded the highest average retail price per gallon of Kerosene at N4,337, followed by the North-central at N3,967, while the North-east recorded the lowest at N3,378.