The National Bureau of Statistics (NBS) reports a significant hike in the price of Household Kerosene (HHK), a common fuel for cooking. This parallels the country’s inflation rate, which escalated to 31.70% in February.
According to Channels TV, the NBS’s latest ‘National Household Kerosene Price Watch’ reveals that the price per litre of kerosene increased from N1,329.53 in January to N1,340.94 in February 2024, marking a 0.86% rise.
This price inflation in household kerosene comes when the country’s overall inflation rate also spiked from 29.90% in January to 31.70% in February, underlining the broader economic pressures facing Nigerians.
On a year-on-year basis, the cost of kerosene per litre surged by 14.23% from N1,173.89 in February 2023, intensifying the financial strain on low-income families.
The state-by-state analysis shows that the highest average kerosene prices were in Kaduna at N1,866.67, Benue at N1,769.67, and Niger at N1,710.89.
Conversely, the lowest prices were recorded in Bayelsa at N971.00, Rivers at N1,065.67, and Kwara at N1,070.44.
Geographically, the North Central zone faced the highest costs, with an average price per litre of N1,486.50, while the South-South enjoyed the lowest at N1,231.24.
Gallon-wise, the average retail price in February 2024 was N4,880.02, up by 0.19% from January.
The annual increase was even starker, with a 24.29% rise from N3,926.23 in February 2023. Adamawa, Bauchi, and Kano topped the list for the highest per gallon prices, while Delta, Abuja, and Ondo had the lowest.
The NBS inflation report also highlighted the broad impact on various sectors, with food and non-alcoholic beverages leading the contributors to the headline inflation index.
Rising prices in essential sectors such as housing, transportation, and healthcare have a cumulative effect that further erodes the purchasing power of Nigerians, many of whom struggle to afford basic necessities.
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