New data released by the National Bureau of Statistics (NBS) indicates a rise in the average retail price of kerosene in Nigeria for May 2024 compared to previous months and years.
According to the Kerosene Price Watch for May 2024 unveiled in Abuja on Wednesday, the average retail price per litre of kerosene increased marginally from N1,439.64 in April 2024 to N1,450.35 in May 2024. This represents a 0.74% increase month-on-month. Year-on-year, the price rose by 20.26% from N1,206.05 in May 2023 to N1,450.35 in May 2024.
State-level analysis revealed Benue with the highest average price per litre at N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94. Conversely, Katsina reported the lowest price at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.
Regionally, the North-Central recorded the highest average retail price per litre of kerosene at N1,534.12, with the South-West following closely at N1,488.97. In contrast, the North-East recorded the lowest average price at N1,408.41 per litre.
The report also highlighted the average retail price per gallon of kerosene in May 2024, which stood at N5,196.69, marking a slight 0.43% increase from N5,174.23 in April 2024. Year-on-year, the price per gallon rose by 23.49% from N4,208.27 in May 2023.
State-specific data for kerosene prices per gallon showed Kano with the highest average retail price at N6,900.28, followed by Adamawa at N6,295.63 and Yobe at N6,140.17. Conversely, Kwara reported the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively.
Analysis by zones revealed the North-East with the highest average price per gallon of kerosene at N5,951.06, followed by the North-West at N5,560.03. The North-Central recorded the lowest average price per gallon at N4,659.73.
The NBS data underscores significant variations in kerosene prices across states and regions, reflecting ongoing economic dynamics and their impact on consumers nationwide.
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