Categories: News

Kerosene price rises as litre costs N800

The price of kerosene that many Nigerians rely on for cooking has soared to N800 per litre in some cities as new petroleum prices affect the market.

A survey of the market showed that a litre that recently used to cost N700 now sells for between N800 and N850 in some parts of Lagos State, while the price has skyrocketed to N1000 per litre in some filling stations.

Comparatively, in Ghana, the price of a litre of cooking kerosene currently sells for GHS 12.044 (N585) per litre.

Unlike petrol, kerosene is a deregulated product-meaning prices are determined by market forces.

“It’s a deregulated market. It is also a function of the dollar to naira rate and the crude price at the international market.

“Since cooking kerosene is deregulated, prices can go up, it can also come down,” the National Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi said.

The Nigerian Bureau of Statistics (NBS) had earlier reported an 88 per cent rise in prices of cooking kerosene and Liquefied Petroleum Gas in one year.

According to the report titled, ‘National Household Kerosene Price Watch’, the price of cooking kerosene went up by 86.94 per cent in one year.

The report also said the average retail price per litre of household kerosene, HHK, paid by consumers in May 2022 increased by 15.21 per cent on a month-on-month basis from N589.82 in April 2022 to N679.54 in May 2022.

The state-by-state analysis showed that the highest average price per litre in May 2022 was recorded in Enugu with N868.75, followed by Ebonyi with N861.11 and Imo with N801.67.

On the other hand, the lowest price was recorded in Bayelsa with N558.06, followed by Yobe with N601.39, and Nasarawa with N603.33.

In addition, the South-East recorded the highest average retail price per litre of household kerosene with N773.09, followed by the South-West with N738.19, and the North-Central with N668.78, while the North-East reported the lowest with N632.06.

The Executive Secretary of Depot and Petroleum Products Marketers’ Association of Nigeria (DAPPMAN), Olufemi Adewole, said the reason behind the continuous rise in prices of kerosene was the exchange rate.

“Cooking kerosene is deregulated so prices depend on foreign exchange. A dollar is now N700 from N600 just last month, so prices will surely increase,” he said.

The Star