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NBS reports drop in kerosene prices amidst increase in petrol imports

The National Bureau of Statistics (NBS) reveals a decline in the average price of a litre of kerosene from N1,362.27 in December 2023 to N1,329.53 in January 2024, according to its “Kerosene Price Watch” released in Abuja on Wednesday.

Highlighting the statistics, the NBS emphasises a 2.40% decrease in the January price compared to the previous month. Moreover, the average price per litre of kerosene surged by 15.27% year-on-year, from N1,153.40 in January 2023 to N1,329.53 in January 2024.

In the state profile analysis, Kaduna reported the highest average price of N1,833.33 per litre of kerosene in January, trailed by Benue at N1,766.67 and Niger at N1,703.70. Conversely, Bayelsa recorded the lowest price at N969.70, followed by Rivers at N1,057.69 and Kwara at N1,066.67.

The NBS further notes regional disparities, with the North-Central registering the highest average retail price per litre of kerosene at N1,479.10, while the South-South recorded the lowest at N1,225.83.


Regarding gallon prices, consumers paid an average of N4,870.83 in January 2024, reflecting a 7.53% increase from December 2023. On a year-on-year basis, the average price per gallon of kerosene rose by 25.34%.

Adamawa led in average retail price per gallon at N6,083.33, followed by Bauchi at N5,800.00 and Kano at N5,777.78. Conversely, Delta recorded the lowest price at N4,000.00, followed by Ondo and Enugu at N4,398.03 and N4,409.05, respectively.

In a related development, the NBS reports a significant increase in the importation of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) in the first half of 2023 compared to the same period in 2022. The importation of PMS saw a 3.29% rise, reaching 11.94 billion litres, while AGO imports surged by 49.72%, totalling 2.83 billion litres.

Locally, PMS truck out decreased by 5.83% to 11.48 billion litres, and 26.07 million litres of household kerosene (HHK) were produced, marking a growth rate of 16.79%. Diesel production stood at 55.48 million litres, indicating a 10.54% increase over the same period in 2022.


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