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%.
The boneless beef price recorded the largest increase of more than ₦3,620 on average, followed closely by dried catfish (+₦3,619.35) and frozen chicken (+₦3,583.82).
Prices of major animal proteins have more than doubled, with price increases ranging from ₦1,900 to ₦3,630 on average.
The top 20 food items saw price hikes of at least ₦1,900.
The cost of a medium-sized crate of eggs more than tripled between May 2023 and December 2024.
Mozambique has the fewest individuals requiring support from the United Nations.
The UN plans to help 3.6 million of the 7.8 million people in Nigeria who require assistance.
Sudan is the only Northern African country recorded by the UN as having people in need.
In East and Southern Africa, the countries with the highest and lowest numbers of individuals in need are Ethiopia and Zimbabwe, respectively.
The Democratic Republic of Congo and Niger have the highest and lowest number of individuals needing assistance, respectively, in West and Central Africa.
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%.
