The average price of kerosene rose by almost 71% between May 2023 and December 2024

Key takeaways:

  • 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 average price of kerosene shows a steady upward trend in Nigeria, rising from ₦1,206.1 in May 2023 to ₦2,056.4 by December 2024. This indicates a 70.5% rise over the span of 20 months. From May 2023 to March 2024, the prices increased gradually, with an approximate increase of 12.3% during these 11 months.

The most significant increase in prices happened from June 2024 to September 2024, with an increase from ₦1,555.1 to ₦1,957.4, marking a 25.9% rise within four months. From October to December 2024, the growth rate slowed down, as prices increased by only 5.1% in this period.

Source:

National Bureau of Statistics

Period:

May 2023 - December 2024
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Following subsidy removal, Nigeria’s average daily fuel consumption collapsed from 66.7m litres to 47.5m litres
  • Nigeria’s daily fuel consumption peaked at 66.7 million litres in 2022.
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