Hard times hit Nigerians as Kerosene price jumps to over N800 per litre

Nigeria at this moment is at one of its tough times as the price of Kerosene commonly used by several households jumped to over N800 per litre.

This is coming amid the increase in the price of petrol and gas, which Nigerians are still struggling to adjust to.

Unlike petrol which now sells for between N169 and N230 per litre, kerosene is a deregulated product- meaning prices are determined by market forces.

A market Survey conducted by The Punch on Tuesday, August 2, 2022, showed a litre of cooking kerosene, which sold for N700 last week, now sells for between N800 and N850 in some parts of Lagos State.

Reason for the Price Increase: Attributing the increase in the price of Kerosene to the rise in the exchange rate, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi said Kerosene is a deregulated market and the price can go up and down.

“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,” Osatuyi told The Punch.

Also, the Executive Secretary, Depot and Petroleum Products Marketers’ Association of Nigeria, DAPPMAN, Olufemi Adewole in an interview with The Punch blamed the increase in the price of the commodity on foreign exchange.

Adewole said, “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.

NBS Statistics: It would be recalled that in July, the National Bureau of Statistics (NBS) in a report announced that the average price of Kerosene (HHK) rose from N679.54 per cent in May to N761.69 per cent in June.

The report stated that the average retail price per litre of Household Kerosene (HHK) paid by consumers in June 2022 increased by 12.09 per cent on a monthly from N679.54 in May to N761.69 last month.