The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
The average kerosene price increased by approximately 70.5%, rising from ₦1,206.1 in May 2023 to ₦2,056.4 in December 2024.
Prices witnessed a moderate growth rate of 13% from May to December 2023, while the rate of increase escalated sharply in 2024, with a rise of 50.9% from January to December 2024.
A notable acceleration in prices began in July 2024, when the price per litre first surpassed ₦1,700.
The average price in December 2024 (₦2,056.4) was 51% greater than the average price in December 2023 (₦1,362.3).
The northern regions of Nigeria experienced higher prices than the southern regions, except for the North East.
The North Central region had the highest average kerosene cost, while the South East reported the lowest.
There is a significant price difference of about ₦483.7 between the region with the highest price (North Central) and the region with the lowest (South East).
Households in the North Central region will likely spend a larger portion of their budget on kerosene than those in the South East region.
In December 2024, the top five states with the highest average kerosene prices were: Abuja (₦2,950.0), Akwa Ibom (₦2,538.3), Kaduna (₦2,510.6), Cross River (₦2,430.7), and Sokoto (₦2,400.1).
Abuja recorded the highest average price of kerosene in December 2024, while Borno state recorded the lowest price.
The price of kerosene per litre ranged from ₦1,520.4 to ₦2,950 across Nigerian states in December 2024.
The percentage difference in the price of kerosene across Nigeria states in December 2024 is approximately 63.9%.
In February 2016, petrol was at its lowest price of₦99.80 per litre, marking the last time fuel prices remained below₦100.
By November 2024, petrol prices soared to an all-time high of₦1,214.17 per litre, reflecting the compounded effects of inflation, currency depreciation, and global oil price volatility.
Over the nine-year period, the average petrol price stood at₦272.65 per litre.
Between January 2016 and December 2024, petrol prices increased by ₦1,079.52, a staggering 984.96% rise, emphasising the long-term upward trajectory influenced by economic challenges, subsidy removals, and fluctuating exchange rates.
The most volatile period recorded a month-to-month price surge of over 129.23%.
Crude oil prices peaked at $93.12 in April, marking the highest point of the year before experiencing fluctuations in the following months.
A steady decline in the last quarter saw prices drop to $74.72 in December, the lowest recorded price of 2024.
The decline in prices from September onward raised concerns about potential revenue shortfalls, impacting government budgets and foreign exchange earnings.
Oil prices remained unstable throughout the year, with significant fluctuations driven by geopolitical factors, global demand shifts, and production adjustments.
