The price of household kerosene, also known as cooking kerosene, skyrocketed more than 100 percent in one year.
The latest data from the Nigerian Bureau of Statistics for November showed that the average retail price of kerosene per liter increased by around 146%, from N441 in November 2021 to N1,083/liter in the corresponding period last year.
The report stated that the average retail price per liter was 4 percent higher month-on-month in November 2022 compared to N1,041 recorded in October.
In the state profile analysis, the highest average price per liter in November 2022 was recorded in Akwa Ibom with N1417, followed by Cross River with N1367 and Abuja with N1307.
On the other hand, the lowest price was registered in Borno with N876 followed by Rivers with N910 and Nasarawa with N913.
In addition, the analysis by zone showed that the Southeast registered the highest average retail price per liter, with N1,209, followed by the Southwest with N1,163, while the
North-East recorded the lowest with N959.
While the average retail price per gallon paid by consumers in November 2022 was N3,594, showing a 2% increase from N3,517 in October 2022.
On a year-on-year basis, it increased 133% from N1,544 in November 2021.
In state profiling analyses, Kwara posted the highest average retail price per gallon at N4,506 followed by Enugu at N4,302 and Abia at N4,238.
On the other hand, Gombe posted the lowest price at N2,430, followed by Borno and Bauchi at N2,500 and N2,767 respectively.
The analysis by zone showed that the Southeast registered the highest average retail price per gallon of domestic kerosene with N4124, followed by the North Central with N3,811, while the Northeast registered the lowest with N2998.
The price increase also affected cooking gas and diesel.
According to NBS, the average retail price to refill a 12.5kg LPG cylinder rose 1.3 percent monthly from N10,050 in October 2022 to
N10,180 in November 2022. On a year-on-year basis, it increased by 39 percent from N7308.06 in November 2021.
The analysis by zone showed that the South-West registered the highest average retail price to fill a 12.5 kg cylinder with N10 561, followed by the South-South with N10 495, while the Northeast registered the lowest price with N9 600 .
Prices, however, rose to around N11,000 per 12.5kg at independent trader outlets.
Due to the shortage that continued over the festive period, gasoline prices increased from around N165/litre at current sales to N250/litre at independent vendor stations, N180/litre at major outlets vendors and N169/liter at stations belonging to NNPCL Retail. .
The diesel sold for N808/litre, according to NBS.
The Bureau will publish the December statistics in January 2023.
Like diesel, domestic kerosene has been deregulated by the Federal Government.
Marketers have consistently called for deregulation of the downstream sector.
The president of the Major Oil Marketers Association of Nigeria, Olumide Adeosun, had advised the federal government to implement a gradual deregulation of the downstream sector to cushion the adverse effects of a sharp increase in fuel prices, especially Premium Motor Spirit, also known like gasoline. .
“Having subsidized PMS for so long, Nigerian institutions now have reduced capacity to deal with the current local energy crisis. An interruption in any part of the supply chain causes domino effects and generates queues at the stations. As a country, we must start the price deregulation process to reduce this inefficient subsidy,” he said.
According to him, if the country wants to implement a subsidy, it should be in specific areas of sectors like agriculture and transportation, to reduce food price inflation and create more jobs for Nigerians.
“At the same time, we must find a way to liberalize the supply. We must bring transparency and competition to supply to ensure a more stable and efficient supply at optimal prices. Imported products must compete with locally refined products to find a match between the need for local refining and low competitive prices but cost recovered to Nigerians for sustainability.
“The exploration, production, refining of crude oil and distribution of refined products is an international business with ebbs and flows and has specific models, guidelines, rules and norms designed to protect and sustain the consumers of this type of energy and the populations impacted by it. your supply chain. Government and industry in Nigeria must demonstrably apply these accepted health, safety, environmental protection and quality standards to be seen to care for their local populations. Taking shortcuts would be irresponsible, irresponsible and unsustainable,” he said.