…as kerosene price rose by 86.9% YoY, cooking gas up 89.3%
The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s national statistical system, has reported that on the aggregate, consumers pay 88.11 percent more for kerosene and cooking gas year-on-year in May this year
The agency, in its just published report titled ‘National Household Kerosene Price Watch’, disclosed that the price of kerosene rose by 86.94 percent year-on-year (YoY), while the average retail price per litre of household kerosene (HHK) paid by consumers in May 2022 spiked by 15.21 percent on a month-on-month (M-o-M) basis from N589.82 in April 2022 to N679.54 in May 2022.
According to the Bureau, an analysis of the commodity’s prices on state-by-state basis showed that consumers in Enugu State paid the highest average price per litre of N868.75 in May 2022 followed by Ebonyi State consumers who paid N861.11 per litre and Imo State buyers who paid N801.67 per litre.
However, it reported that the lowest prices of the commodity were recorded in Bayelsa State where consumer bought a litre with N558.06, followed by Yobe State where buyers paid N601.39 and Nasarawa State consumers who paid N603.33 per litre of kerosene in the month under review.
A further analysis of the report on regional basis indicated that the South-East recorded the highest average retail price per litre of household kerosene with N773.09, followed by the South-West with N738.19 and the North-Central with N668.78, while the North-East recorded the lowest with N632.06.
In the gas report titled ‘Liquefied Petroleum Gas (Cooking gas) Price Watch”, the Bureau also indicated that the average retail price for cooking gas increased by 89.28 percent in May this year from N2,071.69 in May 2021.
A further analysis of the price trends in states showed that the highest average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) was recorded in Gombe State at N4,366.67, followed by Bayelsa State at N4,325.00 and Adamawa at N4,250.00.
However, the NBS’ report reflected that Yobe State consumers bought at the lowest average price of N3,200.00, followed by Ogun State and Ondo State consumers, who paid N3,450.00 and N3,480.77 respectively for the volume.
According to the agency, when analyzed on zone-by-zone basis, the average retail price for refilling a 5kg cylinder of cooking gas was highest in the South-East where consumers paid N4,094.39, followed by the North-Central where buyers got the volume at N3,989.98; South-South buyers purchased at N3,977.72, while the South West recorded the lowest average retail price of N3,719.53.