KEROSENE PRICES REACH N1,340 PER LITRE AS INFLATION RISES

Babatunji Wusu –

According to the National Bureau of Statistics (NBS), the cost of household kerosene (HHK), a popular cooking fuel, has significantly increased. This corresponds with the nation’s inflation rate, which reached 31.70% in February.
According to Channels TV, the price of a litre of kerosene grew by 0.86% from N1,329.53 in January 2024 to N1,340.94 in February 2024, as reported by the NBS’s most recent “National Household Kerosene Price Watch.”

Nigerians are suffering more severe economic constraints as seen by the country’s total inflation rate, which increased from 29.90% in January to 31.70% in February. This inflation is also present in the price of household kerosene.

The cost of kerosene per litre increased by 14.23% year over year from N1,173.89 in February 2023 to N1,173.89 in February 2023, further taxing low-income families.

The state-by-state research reveals that Niger at N1,710.89, Benue at N1,769.67, and Kaduna at N1,866.67 had the highest average kerosene costs.

On the other hand, Bayelsa had the highest pricing at N971.00, followed by Rivers at N1,065.67, and Kwara at N1,070.44.

Geographically, the South-South had the lowest average price per litre at N1,231.24, while the North Central zone had the highest costs at N1,486.50.

The average retail price per gallon increased by 0.19% from January to N4,880.02 in February 2024.

Even more striking was the yearly increase, which increased by 24.29% from N3,926.23 in February 2023. Ondo, Delta, and Abuja had the lowest prices per gallon, while Kano, Bauchi, and Adamawa had the highest.

The NBS inflation report also emphasized the wide-ranging effects on several industries, with the biggest contributors to the headline inflation index being food and non-alcoholic drinks.

Nigerians, many of whom already struggle to pay for basic necessities, see their purchasing power further diminished by rising costs in key industries like housing, transportation, and healthcare.