The National Bureau of Statistics (NBS) has revealed in its latest report that the average retail price of a litre of kerosene climbed to N1,340 in February 2024, marking a slight increase from the N1,329 recorded in January 2024.
Despite this up-tick, the February figure reflects a marginal 0.86 percent decrease compared to January’s prices. However, on a year-on-year basis, the average price per litre of kerosene surged by 14.23 percent, rising from N1,173 in February 2023 to N1,340 in February 2024.
The report, released on Thursday,March 21, 2024, delved into state-wise analysis, revealing Kaduna as the state with the highest average price per litre of kerosene at N1,866, trailed by Benue at N1,769 and Niger at N1,710. Conversely, Bayelsa recorded the lowest price at N971 per litre, followed by Rivers and Kwara. Regionally, the North-Central recorded the highest average retail price per litre of kerosene at N1,486, while the South-South recorded the lowest at N1,231.
Also, Adamawa topped the list with the highest average retail price per gallon of kerosene at N6,092, trailed by Bauchi and Kano. Conversely, Delta recorded the lowest price per gallon, followed by Abuja and Ondo. Regionally, the North-East reported the highest average price per gallon at N5,553, while the South-East recorded the lowest at N4,518.
Additionally, the report highlighted a 0.19 percent increase in the average retail price per gallon of kerosene, reaching N4,880 in February 2024 compared to N4,870 in January 2024. Year-on-year, this represents a significant 24.29 percent increase from N3,926 recorded in February 2023. This report underscores the evolving trends in kerosene prices, impacting consumers across various regions in Nigeria.
