- The price of kerosene used by several low-income homes in Nigeria has jumped to N800 and above per litre nationwide
- The situation has triggered lamentations by ordinary Nigerians who depend on kerosene for various activities
- Critics say it is pathetic that an oil producing country like Nigeria that does not refine crude for local consumption
Lagos – A report by Punch newspaper indicates that the price of kerosene has jumped to N800 per litre.
According to the report, one litre of cooking kerosene, sold for N700 last week, now sells for between N800 and N850 in urban parts of Lagos state, while the price has hit as high as N1000 per litre in suburb areas at filling stations.
National operations controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi noted that unlike petrol, kerosene is a deregulated product- meaning prices are determined by market forces.
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“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.”
As of June, the Nigerian Bureau of Statistics, NBS, had reported an 88 per cent rise in prices of cooking kerosene and Liquefied Petroleum Gas within in one year.
The report also said that the average retail price per litre of household kerosene 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.
Nigerians react over new Kerosene price, others
Nigerians have started reacting to the new price of kerosene in the country, with many lamenting over the cost of living in recent times.
On social media, residents of various cities across the country, say the new price increase will only worsen the already bad economic situation in Nigeria.
Terkuma Ashwe wrote on Twitter:
“A litre of kerosene is now N800. What a tenure. Nigeria is better than all this hypocrisy.”
Fayemi Marouf Olatunbosun.
“Ghana has no fuel embedded in her soil yet her citizens buy Kerosene at 12ghana cedis (585naira/litre) while Nigeria with massive oil exploration sell kerosene to her citizen at N800 and above.”
“Things have been hard and tough on Nigerians due to unpredictable hike in prices of commodities. Fuel is around 179, Kerosene is 800, Gas is 900 while Diesel is 800 plus. The less privileged are really finding it difficult to survive this hostile economy because prices are unbearable.”
Households in southeast groan as prices of kerosene hit the roof
Classloaded.com had earlier reported that the astronomical rise in the cost of cooking gas and kerosene in the country subjected homes, particularly in the southeast region to more financial stress.
The situation has forced many families to resort to alternatives such as firewood and charcoal.
A housewife in Awka, Anambra state, Mrs. Eucharia Ezeamaka lamented that the high cost of product saying it is causing tension in some families.
The special stove combines water and air pressure to produce fire, an amazing concept he demonstrated in a video.
The electronics technician is seeking the support of relevant institutions to ensure the innovation is mass produced.