February 21, 2024
Nigerians are suffering as the cost of kerosene rises to nearly N800 per litre.

Nigerians are suffering as the cost of kerosene rises to nearly N800 per litre.

In some areas of Lagos state, a litre of kerosene costs N850.

As a result of the price of kerosene, which is a common household fuel, rising to almost N800 per litre, Nigeria is currently going through one of its worst periods.

This is occurring at the same time that the price of gas and gasoline has increased, something Nigerians are still finding difficult to adjust to.

 

Kerosene is a deregulated product, which means that market forces set the price, in contrast to gasoline, which currently sells for between N169 and N230 per litre.

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A litre of cooking kerosene, which sold for N700 last week, is now selling for between N800 and N850 in various areas of Lagos State, according to a market survey done by The Punch on Tuesday, August 2, 2022.

 

Justification for Price Increase: The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, attributed the hike in the price of kerosene to the increase in the exchange rate and said that the market for kerosene is unregulated, thus prices might fluctuate.

This market is unregulated. Additionally, it depends on the worldwide crude market price and the exchange rate between the dollar and the naira. Prices for cooking kerosene might fluctuate since the market is unregulated, according to Osatuyi, who spoke to The Punch.

 

Additionally, Olufemi Adewole, Executive Secretary of DAPPMAN, Depot and Petroleum Products Marketers’ Association of Nigeria, attributed the rise in the price of the good to currency fluctuations in an interview with The Punch.

 

Cooking kerosene is unregulated, thus exchange rates determine price, according to Adewole. Prices would undoubtedly rise as a dollar currently costs N700 as opposed to N600 just one month ago.

 

The average price of kerosene (HHK) increased from N679.54 percent in May to N761.69 percent in June, according to a study released by the National Bureau of Statistics (NBS) in July.

 

According to the data, customers paid an average retail price per liter of household kerosene (HHK) in June 2022 that was up 12.09% from N679.54 in May to N761.69 last month.

 

Nigerians are suffering as the cost of kerosene rises to nearly N800 per litre.

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