Nigerian Kerosene Prices: Nigerians Pay ₦1,555/Liter on Average in June

According to the National Bureau of Statistics, Nigerians spent, on average, ₦1,555 per liter on kerosene in June as opposed to June 2023 sales.

NBS stated on Tuesday in its National Household Kerosene Price Watch (June 2024) Report that the price of kerosene has increased by 7.22 percent since May, when it was only ₦1,450.
The research states that in June 2023, a liter of kerosene sold for ₦1,236. With the present rate, there was a 25.73 percent increase in price.

In June 2024, consumers paid an average retail price of ₦1,555.11 per liter for Household Kerosene (HHK), which is a 7.22% increase from the ₦1,450.35 reported in May 2024. The product’s average retail price per liter increased by 25.73% year over year from ₦1,236.91 in June 2023, according to the report.

Subsequent investigation revealed that some Nigerian families’ costs for cooking supplies differ from state to state. States with the largest price increases were Kaduna, Benue, and Zamfara; states with the lowest price increases were Kebbi, Taraba, and Sokoto.

According to the state profile study, Kaduna had the highest average price per litre in June 2024 at ₦2,072.92, followed by Benue at ₦2,038.99 and Zamfara at ₦1,833.33, the research stated.

In contrast, Taraba had the lowest price at ₦1,277.60, Sokoto had the lowest price at ₦1,300.00, and Kebbi had the lowest price at ₦1,248.15.

Additionally, zone-by-zone research revealed that the North Central region had the highest average retail price of ₦1,686.97 for a liter of household kerosene, followed by the North-West region with ₦1,589.68, and the North-East region with the lowest price of ₦1,416.13.

“In June 2024, consumers paid an average retail price of ₦5,698.68 per gallon of household kerosene, which represents a 9.66% rise from ₦5,196.69 in May 2024. This grew from ₦4,269.13 in June 2023 by 33.49% on an annual basis.

According to a state profile research, Katsina and Kaduna had the lowest average retail prices per gallon of household kero sene at ₦7,100.00, and Sokoto and Kano had the highest average retail prices at ₦7,500.00.

Conversely, Rivers had the lowest price at ₦3,200.00, with Niger and Delta following closely after with ₦4,290.10 and ₦4,471.43, respectively.

The North-West had the highest average retail price per gallon of household kero sene, at ₦6,899.49, followed by the North East at ₦6,155.96, and the South-South had the lowest, at ₦4,621.95, according to zone analysis.