Soaring Gas Prices Bite Consumers as Kerosene Offers Modest Relief (NBS)

Year-on-year data illustrated a 6.13 per cent hike from N4,549.14 in November 2022 to N4,828.18 in November 2023 for the average price of 5kg of cooking gas.

State-wise analysis highlighted Benue, Jigawa, and Adamawa as recording the highest average prices at N5,466.67, N5,396.43, and N5,357.14 for a 5kg cooking gas, respectively. Conversely, Anambra, Imo, and Abia reported the lowest prices at N3,985.29, N4,052.78, and N4,100.00, respectively.

Zone-based examination revealed the North-East registering the highest average retail price at N5,029.25, followed by the North-West at N4,999.34, while the South-East recorded the lowest average retail price at N4,083.52.

Moreover, the NBS disclosed that the average retail price for refilling a 12.5kg cooking gas increased by 5.78 per cent on a month-on-month basis, climbing from N10,545.87 in October 2023 to N11,155.15 in November 2023. On a year-on-year basis, this reflected a 9.57 per cent increase from N10,180.88 in November 2022 to N11,155.15 in November 2023.

State-wide examination showed Delta, Kogi, and Cross River with the highest average retail prices for a 12.5kg cooking gas at N12,875.00, N12,615.83, and N12,583.33, respectively. Conversely, the lowest average prices for a 12.5kg of cooking gas were recorded in Zamfara, Gombe, and Imo at N9,724.75, N9,800.00, and N9,887.50, respectively.

Analysis by zones revealed the South-South with the highest average retail price at N12,103.39, followed by the North-Central at N11,365.54. The South-East recorded the lowest price at N10,334.08.

Regarding kerosene, the NBS reported a decrease in the average retail price per litre to N1,287.10 in November 2023 from N1,303.16 in October, reflecting a 1.23 per cent decrease on a month-on-month basis. However, on a year-on-year basis, there was an 18.78 per cent increase from N1,083.57 in November 2022.

State-wide analysis highlighted Adamawa with the highest average price at N1,588.10 per litre, followed by Imo at N1,521.97, and Abuja at N1,512.50. Conversely, Kwara, Osun, and Zamfara recorded the lowest prices at N937.50, N1,100.00, and N1,125.00, respectively.

Zone-based analysis showed the South-East with the highest average retail price per litre of kerosene at N1,384.49, followed by the North-East at N1,367.81. The North-West reported the lowest price at N1,226.75.

Furthermore, the NBS indicated that the average retail price per gallon of kerosene was N4,583.44 in November 2023, indicating a marginal 0.03 per cent increase from N4,581.89 in October. This marked a 27.51 per cent increase on a year-on-year basis from N3,594.44 in November 2022.

Examining state-wise data, Kano, Ekiti, and Lagos registered the highest average retail prices per gallon of kerosene at N5,420.00, N5,206.67, and N5,123.33, respectively. On the other hand, Delta, Rivers, Bayelsa, and Jigawa had the lowest prices at N3,056.67, N3,525.00, N3,950.00, and N3,950.00, respectively.

Zone-based analysis indicated the North-East with the highest average price per gallon of kerosene at N4947.22, followed by the South-West at N4,684.17. The South-South reported the lowest average price per gallon of kerosene at N4,023.02, according to the NBS.

NAN

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