…As Kerosene Price Rises By 54.81%
The National Bureau of Statistics (NBS) has reported that the average retail price for refilling a 12.5kg cylinder on Liquefied Petroleum Gas (LPG), also known as cooking gas, in October this year showed that increased by 58.68% year-on-year (YoY) from N10,545.87 in October 2023.
However, the statistics agency in its ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch (October 2024)’ report published on Tuesday, disclosed that month-on-month, the price increased by 2.58% from N16,313.43 in September 2024 to N16,734.55 in the month under review.
According to the Bureau, the LPG prices when analyzed on state profile basis reflected that Rivers State consumers refilled the 12.5kg cylinder cooking gas at the highest average retail price with N17,895.00 in October followed by Osun consumers, who refilled with N17,739.06 and their Benue counterparts, who each filled their 12.5kg cylinders with N17,731.25.
Conversely, the price watch for the month in review showed that the lowest average price for refilling the same volume of the commodity was recorded in Katsina, where users refilled the 12.5kg with N14,725.00, followed by Nasarawa and Adamawa with N15,390.55 and N15,474.21 respectively.
A further analysis of the report by zone showed that the South-South consumers paid the recorded the highest average retail price for refilling a 12.5kg cylinder of the commodity with N17,114.67, followed by their South-East counterparts, who refilled with N16,906.01 while the North-Central users refilled at the lowest price with N16,411.19.
Also, the Bureau reported that the average retail price for refilling a 5kg cylinder of cooking gas in October increased to N6,915.69, representing 3.23% increase on a month-on-month basis from N6,699.63 recorded in September this year while on a year-on year basis, the price surged by 51.58% from N4,562.51 in October 2023.
The report indicated that on state profile analysis, Borno consumers paid highest for refilling 5kg cylinder with N7,939.29, followed by Yobe users with N7,580.00, and Benue with N7,578.00.
On the other hand, Katsina consumers paid the lowest price for refilling 5kg cooking gas with N6,270.00, followed by Zamfara and Delta States’ users, who refilled with N6,410.71 and N6,427.78 respectively.
In addition, the report’s data when analyzed on zone-by-zone basis showed that the North-East users paid the highest average retail price for refilling a 5kg cylinder of the commodity with N7,319.03, followed by South-West consumers, who refilled the volume with N6,961.58 while the North-West refilled the same volume at the lowest price of N6,703.95.
Meanwhile, in another report titled ‘National Household Kerosene Price Watch (October 2024)’ published on the same date by the statistics agency, the average retail price per litre of Household Kerosene (HHK) paid by consumers in October 2024 was N2,017.46, representing an increase of 54.81% year-on-year from N1,303.16 in October 2023.
On state profile analysis, the highest average price per litre by consumers bought the item in October 2024 was recorded in Abuja with N2,875.00, followed by Akwa Ibom with N2,518.89 and Kaduna with N2,500.79 while users bought the lowest price per litre of HHK in Borno with N1,500.30, followed by Bayelsa with N1,500.67 and Adamawa with N1,679.19.
In addition, analysis by zone of the commodity’s prices trend showed that the North Central buyers paid the highest average retail price per litre of Household Kerosene at N2,242.67, followed by the North-West, where consumers bought the same quantity at N2,168.28, while the South-East consumers paid the lowest price per litre at N1,772.94.
The Bureau further reported that average retail price per gallon of Household Kerosene paid by consumers in October 2024 was N6,949.75, indicating an increase of 1.93% from N6, 818.11 in September 2024 but that on a year-on-year basis, this increased by 51.68% from N4,581.89 in October 2023.
The report revealed that on state profile analysis, Katsina consumers bought at the highest average retail price per gallon of the commodity at N8,900.50, followed by their Jigawa and Kebbi counterparts that bought per gallon at N8,500.00 and N8,300.00 respectively.
Conversely, Adamawa users paid the lowest price of N5,300.44 per gallon of HHK, followed by Nassarawa and Niger buyers, who paid N5,325.41 and N5,381.88 respectively.
When analyzed on zonal basis, the NBS’ report reflected that the North-West consumers bought HHK per gallon at the highest average retail price at N8,070.54, followed by the South-East users, who bought at N7,760.01, while the North-Central consumers paid the lowest price of N6,176.20 per gallon.
