According to the National Bureau of Statistics (NBS), the average retail price of a litre of kerosene increased to N1,450.35 in May 2024 from N1,439.64 in April 2024.
The bureau disclosed this in its Kerosene Price Watch for May 2024 released on Wednesday in Abuja. The report stated that the May price of N1,450.35 represents an increase of 0.74 percent compared to the April 2024 price of N1,439.64. The report stated that the average price of a litre of kerosene declined by 20.26 percent year-on-year. It increased to N1,450.35 in May 2024 from N1,206.05 in May 2023.
The report, analyzing the state profiles, showed that Benue recorded the highest average price of N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.
“However, the lowest price was recorded in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91, the NBS showed in its analysis.
“The highest average retail price per litre of kerosene was N1,534.12, followed by the South West at N1,488.97. It said the Northeast recorded the lowest average retail price of 1,408.41 naira per litre of kerosene.
The report also said the average retail price per gallon of kerosene paid by consumers in May 2024 was 5,196.69 naira, up 0.43 percent from 5,174.23 naira in April 2024.
“The average price per gallon of kerosene increased by 23.49 percent year-on-year from N4,208.27 in May 2023.
State profile analysis revealed that Kano recorded the highest average retail price at N6,900.28 followed by Adamawa,” while the report revealed that Kwara recorded the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81 respectively.
A regional analysis showed that the highest average price per gallon of jet fuel was in the Northeast at 5,951.06 naira, followed by the Northwest at 5,560.03 naira.
The NBS said that “North Central region recorded the lowest average price of a gallon of kerosene at N4,659.73.
“The NBA also announced that the average retail price of a litre of petrol increased to N769.62 in May 2024 from N238.11 in May 2023.
According to the Petrol Price Watch for May 2024, the price of N769.62 represents an increase of 223.21 percent compared to the price of N238.11 recorded in May 2023. Comparing the average price with the previous month of April, the average retail price increased by 9.75 percent from 701.24 Naira.
Analysing the state profile, Jigawa paid the highest average retail price of 937.50 Naira per litre followed by Ondo and Benue at 882.67 Naira and 882.22 Naira.
Conversely, Lagos, Niger, and Kwara had the lowest average retail prices at N636.80, N642.16 and N645.15 respectively,” it said.
Zone-wise, analysis revealed that the North-West Zone recorded the highest average retail price at N845.26 while the North-Central Zone recorded the lowest price at N695.04 per litre in May 2024.
The NBS also stated in its diesel price monitoring report for May 2024 that the average retail price was N1,403.96 per litre.
The report said the price of N1,403.96 per litre in May 2024 represents an increase of 66.29 percent compared to N844.28 per litre in May 2023.
“Month-on-month, prices increased by 0.78 percent from N1,415.06 per litre in April 2024,” it added.
Analyzing the state profiles, the report noted that the highest average price of diesel in May 2024 was in Adamawa at N1,709.00 per litre, followed by Sokoto at N1,675.00 and Bauchi at N1,657.92.
Meanwhile, the lowest price was recorded in Niger at N1,140.20 per litre, followed by Kano at N1,153.33 and Oyo at N1,236.92.
The highest price was N1,605.91 per litre while the South West recorded the lowest price at N1,303.60 per litre.
