- Benue, Kaduna, Plateau most affected
The average retail price per litre of Household Kerosene paid by consumers in April 2024 was N1, 439.64, showing an increase of 6.29 percent compared to N1, 354.40 recorded in March 2024.
On a year-on-year basis, the average retail price per litre of the product rose by 24.04 percent from N1, 160.67 in April 2023.
On state profile analysis, the highest average price per litre in April 2024 was recorded in Benue with N1, 788.47, followed by Kaduna with N1, 761.62 and Plateau with N1, 717.78.
On the other hand, the lowest price was recorded in Katsina with N1, 222.22, followed by Jigawa with N1, 240.74 and Kwara with N1, 252.38.
In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with N1, 525.27, followed by the South-West with N1, 479.24, while the South East recorded the lowest with N1, 391.68.
The average retail price per gallon of Household Kerosene paid by consumers in April 2024 was N5, 174.23 indicating an increase of 5.61 percent from N4, 899.33 in March 2024. On a year-on-year basis, this increased by 24.17 percent from N4, 166.94 in April 2023.
On state profile analysis, Kano recorded the highest average retail price per gallon of Household Kerosene with N6, 862.50, followed by Adamawa with N6, 266.05 and Yobe with N6, 120.41. On the other hand, Kwara recorded the lowest price with N4, 226.40, followed by Delta and Akwa Ibom with N4, 300.00 and N4, 356.67 respectively.
Analysis by zone showed that the North-East recorded the highest average retail price per gallon of Household Kerosene with N5,922.63, followed by the North West with N5,538.58, while the North-Central recorded the lowest with N4,634.60.
Price of commodities in Nigeria has recorded a continuous increase in the last 16 months. According to data released by the National Bureau of Statistics last week, the headline inflation rate in April 2024, increased to 33.69 percent relative to the March 2024 headline inflation rate which was 33.20 percent.
On a year-on-year basis, the headline inflation rate was 11.47 percent points higher compared to the rate recorded in April 2023, which was 22.22 percent. This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 percent, which was 0.73 percent lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.