146% Rise in Kerosene Price Increased Cost of Cooking Gas– NBS

The latest data from the Nigerian Bureau of Statistics (NBS) says the retail price of kerosene increased by 146 percent influencing the rise in cooking gas price.

Investors King reports that the NBS data containing November statistics indicates that the average retail price of household kerosene rose from N441 per litre in November, 2021 to N1,083 per litre in November, 2022 amounting to 146 percent increase.

This is as it hinted that the large increase affected the price of cooking gas which rose by 39 percent in the most recent data

“The average retail price for refilling a 12.5kg cylinder of Liquefied Petroleum Gas increased by 1.3 percent on a month-on-month basis from N10,050 in October 2022 to N10,180 in November 2022. On a year-on-year basis, it rose by 39 per cent from N7308.06 in November 2021,” says the data.

The average retail price of cooking kerosene per litre was recorded to be 4 percent higher on a month-on-month basis in November 2022 compared to N1,041 per litre sold in October.

The data on the retail price per gallon on a year-on-year basis indicates a 133 percent increase from N1,544 recorded in November, 2021. The average retail price per gallon paid by consumers in November 2022 was N3,594, an increase of 2 percent from N3,517 in October 2022.

The breakdown of statistics for each state price of kerosene showed that in November 2022, Akwa Ibom had the highest average price with N1,417 per litre, second highest was Cross River with N1,367 followed by Abuja with N1,307.

Meanwhile, the states with the lowest prices are; Borno, Rivers and Nasarawa with their average costs at N876, N910 and N913 per litre respectively.  

Also, analysis by zone revealed that the South-East recorded the highest average price per litre, with N1,209, followed by the South-West with N1,163, while the North-East recorded the lowest with N959 average price per litre.

For cooking gas, the NBS stated that the South-West zone had the highest average retail price for refilling a 12.5kg cylinder with N10,561, followed by the South-South with N10,495, while the North-East had the lowest price with N9,600. Prices, however, have risen to N11,000 per 12.5kg at private marketers’ outlets.

The statistics for December will be issued by the NBS before the end of the month.