The average retail price of kerosene per litre increased by about 146% from N441 in November 2021 to N1,083/litre in the same period last year, according to the most recent data from the Nigerian Bureau of Statistics for November.
According to the report, the average retail price per liter in November 2022 increased by 4% on a monthly basis compared to the N1,041 recorded in October. When the average retail price per gallon of household kerosene was broken down by zone, it was found that the South-East had the highest average price with N4124, followed by the North Central with N3,811, and the North-East had the lowest average price with N2998.
Diesel and cooking gas were also impacted by the price increase. The downstream sector should be deregulated, according to marketers. Olumide, the head of Nigeria’s Major Oil Marketers Association advised the Federal Government to implement a phasal deregulation of the downstream sector to cushion the adverse effects of a sharp rise in the prices of fuel, especially the Premium Motor Spirit also known as petrol.