The prices of foodstuff, transportation, accomodation, petrol, diesel and even fruits are skyrocketing daily.
Also, the price of kerosene amidst this economic hardship in the country has also joined the bandwagon.
Many homes that can not afford cooking gas depends on kerosene to make their meals.
Today, without ₦1, 340, a litre of kerosene may not be accessible to the common man who needs it to prepare his meal.
There has been a 0.86% rise in the pump price of kerosene per litre in the month of February.
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This was according to the National Bureau of Statistics (NBS) National Household Kerosene Price Watch Report.
Before now, Kerosene is the common fuel for cooking in Nigeria.
However, cooking gas is gradually taking over.
This rise parallels the country’s inflation rate, which escalated to 31.70% in February.
According to NBS, the price per litre of kerosene surged from ₦1,329.53 in January to ₦1,340.94 in February 2024.
This price inflation in kerosene comes when the country’s overall inflation rate also spiked from 29.90% in January to 31.70% in February
The rate hike shows the broader economic pressures facing Nigerians.
Kerosene price per litre surged by 14.23% from ₦1,173.89 in February 2023, increasing the financial strain on low-income families
Gallon-wise, the average retail price in February 2024 was ₦4,880.02, up by 0.19% from January.
The annual increase was even starker, with a 24.29% rise from ₦3,926.23 in February 2023.
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This report also showed how inflation impacts other sectors, with food and non-alcoholic beverages leading the contributors to the headline inflation index.
