Over the course of the last year, there has been a noteworthy escalation in the prices of essential household fuels, specifically kerosene and cooking gas, according to the October 2023 report from the National Bureau of Statistics (NBS). The data reveals a substantial 25.18% year-on-year surge in the average retail price per litre of household kerosene (HHK), escalating from N1,041.05 in October 2022 to N1,303.16 in October 2023. This substantial increase sheds light on the economic challenges faced by consumers in meeting their basic energy needs.
Delving deeper into the monthly dynamics, the report indicates a modest 0.32% rise in the month-on-month comparison, with the price inching up from N1,299.03 in September to its October level. This month-to-month fluctuation emphasizes the ongoing volatility in fuel prices, contributing to the economic uncertainties faced by households.
Similarly, the statistics reveal a 1.7% year-on-year uptick in the average retail price for refilling a 5kg cylinder of liquefied petroleum gas (LPG), commonly known as cooking gas. The cost rose from N4,483.75 in October 2022 to N4,562.51 in October 2023. The month-on-month analysis for cooking gas indicates a more significant 8.89% increase, climbing from N4,189.96 in September to the recorded level in October. This notable month-to-month variation underscores the dynamic nature of factors influencing cooking gas prices, impacting the budgetary considerations of households.
Furthermore, the report provides a state-level breakdown, revealing disparities in fuel prices across regions. In October 2023, Adamawa topped the list with the highest average price per litre of household kerosene at N1,676.19, closely followed by Abia and Abuja. Conversely, Kwara emerged with the lowest price, providing some regional relief at N1,034.29. For a 5kg cylinder of LPG, Kano recorded the highest average price, reaching N5,181.43, with Adamawa and Ogun following suit. In contrast, Ebonyi showcased the most economical pricing at N3,971.43, trailed by Osun and Edo at N4,000 and N4,025, respectively.
Conclusion: Kerosene price 
The NBS report not only highlights the overall upward trend in kerosene and cooking gas prices over the past year but also emphasizes the nuanced variations at both national and regional levels, reflecting the multifaceted challenges faced by consumers in meeting their energy needs.
