The North Central region of Nigeria recorded the highest average price for kerosene per litre in December 2024, standing at ₦2,278.8

Key Takeaways: 

  • 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.

As of December 2024, kerosene prices across Nigeria exhibit notable differences by region. The North Central region has the highest average price at ₦2,278.8 per litre, with the North West following closely at ₦2,203.2 per litre.

The South-South region ranks third with an average cost of ₦2,098.0 per litre, while prices in the South West are slightly lower at ₦2,023.4 per litre. The North East and South East regions offer the most economical prices at ₦1,834.8 and ₦1,795.1 per litre, respectively.

Source:

National Bureau of Statistics

Period:

December 2024
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

Venezuela and Iran lead globally with ultra-cheap diesel under $0.01, as Libya tops Africa’s chart at $0.028
  • Venezuela and Iran offer diesel at nearly free prices, charging just $0.004 and $0.006 per litre respectively, the lowest globally.
  • Libya leads Africa with diesel priced at only $0.028 per litre, making it the third cheapest worldwide.
  • Six African countries—Libya, Algeria, Egypt, Angola, Nigeria and Sudan—feature in the global top 20 for the lowest diesel prices.
  • Nigeria ranks 17th globally, with diesel priced at $0.658 per litre, despite recent subsidy removals and price hikes.

Libya, Nigeria, and Algeria held more than 80% of Africa’s recoverable oil reserves in 2024
  • Libya leads Africa with 48.4 billion barrels of recoverable oil, the continent’s highest.
  • Nigeria ranks second with 37.3 billion barrels, accounting for about 27% of reserves among top holders.
  • Algeria holds 12.2 billion barrels, rounding out the top three and far ahead of other nations.
  • Sudan, Egypt, and Angola each contribute between 2.5 and 5 billion barrels, showing smaller but notable reserves.

Algeria, Nigeria, Egypt and Libya accounted for 78% of Africa’s 144 active oil rigs in 2024
  • Algeria leads Africa with 41 active oil rigs, making up nearly 29% of the continent's total count.
  • Nigeria follows with 31 rigs, confirming its strong position in West Africa’s upstream oil activity.
  • Egypt ranks third with 23 rigs, while Libya maintains 18 rigs despite its fluctuating political climate.
  • The top seven countries host 122 of Africa’s 144 rigs, showing drilling operations are concentrated in just a handful of nations.

The United States, Canada, and Iran account for over 50% of the world’s 1,802 active oil rigs in 2024, with Nigeria ranking 15th globally with 31 rigs
  • The United States remains the undisputed leader with 589 active rigs, accounting for nearly a third of all rigs worldwide in 2024.
  • Canada (162 rigs) and Iran (117 rigs) follow as the second and third highest contributors to global drilling activity.
  • Middle Eastern producers dominate the top 10, with Kuwait (80), UAE (73), Saudi Arabia (70), Iraq (62), and Oman (50) collectively operating 335 rigs.
  • Nigeria ranks 15th globally with 31 active rigs, making it one of only two African nations in the global top 20.
  • The top 10 countries account for over 75% of the world’s active rigs, reflecting the continued concentration of drilling infrastructure in a handful of key oil-producing regions.

Venezuela, Saudi Arabia, and Iran hold over 50% of the world’s 1.57 trillion barrels in recoverable crude oil reserves, with Nigeria among top 10
  • The world’s total proven recoverable crude oil reserves stand at 1.57 trillion barrels in 2024.
  • Venezuela, Saudi Arabia, and Iran collectively hold over 50% of these reserves, with 303.2B, 267.2B, and 208.6B barrels respectively.
  • Nigeria ranks 10th globally with 37.3 billion barrels, placing it ahead of other major producers like Kazakhstan, China, and Brazil.
  • The majority of the largest reserves are concentrated in Middle Eastern and South American countries, with only a few top holders located in North America, Africa, and Asia.

Libya tops list as African fuel prices remain below $1 in the top 9 African nations
  • Libya maintains its position as the cheapest fuel market in Africa with just $0.028 per litre.
  • Nine out of ten countries have fuel prices under $1 per litre, signalling widespread affordability across much of the continent.
  • Nigeria, despite partial subsidy reforms, still ranks among the cheapest with fuel priced at $0.586 per litre.
  • DR Congo is the only country in the top 10 where fuel costs exceed $1 per litre, standing at $1.039.
  • Ethiopia and Liberia are the only non-oil-producing countries among Africa’s top 10 cheapest fuel markets.

POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved