- Kaduna, Benue, Niger record highest price
Kerosene, a common cooking commodity for the average Nigerian has become gold of some sort as its price keeps rising, making it out of reach for its users.
Data released by the National Bureau of Statistics showed that the average retail price per litre of Household Kerosene paid by consumers in February 2024 was N1, 340.94, indicating an increase of 0.86 percent compared to N1, 329.53 recorded in January 2024.
On a year-on-year basis, the average retail price per litre of the product rose by 14.23 percent from N1, 173.89 in February 2023.
On state profile analysis, the highest average price per litre in February 2024 was recorded in Kaduna with N1, 866.67, followed by Benue with N1, 769.67 and Niger with N1, 710.89.
On the other hand, the lowest price was recorded in Bayelsa with N971.00, followed by Rivers with N1, 065.67 and Kwara with N1, 070.44.
In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with N1, 486.50, followed by the North-East with N1, 387.58, while the South-South recorded the lowest with N1, 231.24.
The average retail price per gallon of Household Kerosene paid by consumers in February 2024 was N4, 880.02, indicating an increase of 0.19 percent from N4, 870.83 in January 2024. On a year-on-year basis, this increased by 24.29 percent from N3, 926.23 in February 2023. On state profile analysis, Adamawa recorded the highest average retail price per gallon of Household Kerosene with N6, 092.50, followed by Bauchi with N5, 910.00 and Kano with N5, 779.50.
On the other hand, Delta recorded the lowest price with N4, 025.00, followed by Abuja and Ondo with N4, 250.00 and N4, 400.91 respectively.
Analysis by zone showed that the North-East recorded the highest average retail price per gallon of Household Kerosene with N5, 553.05, followed by the North West with N5, 072.23, while the South-East recorded the lowest with N4, 518.91.
Generally, the average price of all commodities is on the high side in Nigeria with inflation rising to 31.7 percent in February while food inflation climbed by 1.8 percent to 37.92 percent, driven by sharp increases in prices of rice (35.7%), beans (17.6%), tomatoes (40%), eggs (18.4%), Turkey (25%), and others.
Cost-push factors, weaker naira, and forex translation costs in the replenishment of inventory are contributing factors. Core inflation (which excludes food and energy), rose by 1.54 percent to 25.13 percent suggesting structural inflationary pressures are persistent.
Analysts at Financial Derivatives Company Limited said the inflation situation in Nigeria calls for a comprehensive change of strategy in the use of monetary and fiscal measures to address inflationary trends effectively.
