Kerosene, Gas Prices Rise By 88% In One Year – NBS

The National Bureau of Statistics (NBS) has said that primary cooking fuels, kerosene and cooking gas recorded an 88 percent price increase within one year.

In a report titled, “National Household Kerosene Price Watch”, the bureau stated that the price of kerosene went up by 86.94 per cent in one year.

The report added that the average retail price per litre of household kerosene (HHK) paid by consumers in May 2022 increased by 15.21 per cent on a month-on-month basis from ₦589.82 in April 2022 to ₦679.54 in May 2022.

The state profile analysis showed that the highest average price per litre in May 2022 was recorded in Enugu with ₦868.75, followed by Ebonyi with ₦861.11 and Imo with ₦801.67.

On the other hand, the lowest price was recorded in Bayelsa with ₦558.06, followed by Yobe with ₦601.39 and Nasarawa with ₦603.33.

In addition, the South-East recorded the highest average retail price per litre of household kerosene with ₦773.09, followed by the South-West with ₦738.19 and the North-Central with ₦668.78, while the North-East recorded the lowest with ₦632.06.

Also, in a separate report titled “Liquefied Petroleum Gas (Cooking gas) Price Watch,” the NBS said the average retail price for cooking gas increased by 89.28 percent from ₦2071.69 in May 2021.

According to the report, the average retail price per litre of Household Kerosene paid by consumers in May 2022 increased by 15.21 per cent on a month-on-month basis from ₦589.82 in April 2022 to ₦679.54 in May 2022.

Based on state profile analysis, the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was recorded in Gombe with ₦4366.67, followed by Bayelsa with ₦4325.00 and Adamawa with ₦4250.00. On the other hand, Yobe recorded the lowest average price with ₦3200.00; this was followed by Ogun and Ondo with ₦3450.00 and ₦3480.77 respectively.

In addition, prices analysed by zones show that the average retail price for refilling a 5kg cylinder of cooking gas was highest in the South-East with N 4094.39 followed by the North-Central with ₦3989.98 and South-South with ₦3977.72, while the South West recorded the lowest average retail price of ₦3719.53.

When aggregated, both products hit an 88.11 per cent average, based on the numbers for the past 12 months.