By Mark Ogagan
Prices of Petroleum products in Nigeria have continued to soar beyond the reach of its masses.
In December 2023, consumers across the country felt the pinch as the cost of kerosene skyrocketed to N1,362.27 (Naira) per litre, marking a noticeable 5.84% jump from the previous month’s N1,287.10, according to a recent report from the Nigerian Bureau of Statistics (NBS).
As revealed in a year-on-year analysis, a substantial 23.33% increase, climbing from N1,104.61 in December 2022; a closer look at state-level data exposed varying prices nationwide.
“Abuja led the pack with the highest average price per litre at N1,650.00, closely trailed by Ogun at N1,609.52 and Benue at N1,594.44,” NBS noted.
In contrast, Kwara reported the lowest price at N917.14, followed by Rivers at N969.70 and Nassarawa at N1,071.43.
Zooming out to geographical zones, the southwest experienced the highest average retail price per liter at N1,455.21, with the northwest following closely at N1,420.48, while the southeast recorded the lowest at N1,264.49.
Looking at per-gallon prices, consumers paid an average of N4,529.92 for household kerosene in December 2023, reflecting a slight decline of 1.17% from November’s N4,583.44.
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