In February 2024, the average retail price of a litre of kerosene increased slightly to N1,340, up from N1,329 in January, according to recent data. This represents a 0.86% rise from the previous month, continuing the upward trend in fuel prices.
On an annual basis, the price has surged by 14.23%, as it stood at N1,173 per litre in February 2023. This year-on-year rise underscores the growing costs of household fuel, which has significant implications for consumers across the country.
Regionally, kerosene prices varied widely. In the northern regions, consumers bore the brunt of the price hike. Kaduna reported the highest price at N1,866 per litre, followed by Benue at N1,769 and Niger at N1,710. On the other hand, Bayelsa recorded the lowest price at N971 per litre, with Rivers at N1,065 and Kwara at N1,070 also being among the more affordable regions.
When broken down by geographical zones, the North-Central zone recorded the highest average retail price at N1,486 per litre. This was followed by the North-East zone at N1,387. In contrast, the South-South zone had the lowest average price at N1,231 per litre.
The price of kerosene in gallons also showed an upward trend. The average retail price per gallon in February 2024 was N4,880, which is a 0.19% increase from the N4,870 recorded in January 2024. This reflects a more substantial annual increase of 24.29%, compared to N3,926 in February 2023.
At the state level, the report highlighted that Adamawa had the highest average price per gallon at N6,092, followed by Bauchi at N5,910, and Kano at N5,779. Meanwhile, Delta had the lowest price at N4,025 per gallon, followed by Abuja at N4,250 and Ondo at N4,400.
Further analysis by zone revealed that the North-East zone paid the highest average price for kerosene per gallon, at N5,553, closely followed by the North-West at N5,072.
These price fluctuations across different regions reflect not only local economic conditions but also broader supply chain issues that contribute to the disparity in fuel costs within the country.
