In Nigeria, there’s a concerning trend, the prices of diesel and kerosene are consistently on the rise, creating challenges for consumers. Let’s look into the average retail prices of essential fuels like Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Household Kerosene (HHK), and Liquefied Petroleum Gas (LPG) across Nigerian states and zones in January 2024.
Premium Motor Spirit (PMS) – Petrol Price Variations
As seen in Figure 1. The average Nigerian consumer paid N668.30 per litre for PMS, commonly known as petrol, in January 2024. Analysing state-wise variations, Kebbi emerged as the state with the highest average price at N796.67, followed by Zamfara (N771.43) and Taraba (N704.11).
On the other hand, Kwara, Niger, Kogi, Nasarawa, and Abuja offered some relief with the lowest prices, ranging from N614.90 to N632.12 per litre. Interestingly, the North-West Zone held the highest average price of N701.60 per litre, while the North Central Zone offered the most affordable option at N632.86.
Figure 1: Price of PMS for January
Automotive Gas Oil (AGO) – Diesel Price Trend
January 2024 saw an average retail price of N1153.01 per litre for AGO, also known as diesel. Kebbi State stood out with the highest average price (N1433.33), followed closely by Kogi (N1300.00), Abuja (N1226.70), Plateau (N1226.69), and Niger (N1217.79).
In contrast, residents in Borno, Kano, Taraba, Rivers, and Bauchi states enjoyed the lowest prices of N927.27, N940.89, N988.33, N1008.89, and N1050.00 per litre respectively. Taking a zonal perspective, the North Central Zone had the highest average price of N1205.11, while the North East Zone offered the most pocket-friendly option at N1074.03. This can be seen in Figure 2.
Figure 2: Price of AGO for January
Household Kerosene (HHK) – Examining Kerosene Price Trends
As illustrated in Figure 3. The average Nigerian paid N1329.53 per litre for HHK in January 2024. Kaduna topped the chart with the highest average price (N1833.33), followed by Benue (N1766.67), Niger (N1703.70), Abuja (N1666.67), and Plateau (N1666.67).
Conversely, Bayelsa offered the lowest price at N969.70, followed by Rivers (N1057.69), Kwara (N1066.67), Sokoto (N1083.33), and Jigawa (N1120.83). On a zonal basis, the North Central Zone recorded the highest average price (N1479.10), followed by the North East Zone (N1381.94). The South-South Zone emerged as the most affordable region, with an average price of N1225.83.
Figure 3: Price of HHK for January
Liquefied Petroleum Gas (LPG) – Cooking Gas Prices
Figure 4 shows the average retail price for refilling a 5kg cylinder of LPG, commonly known as cooking gas, was N5139.25 in January 2024. Nassarawa state had the highest average price at N5790.00, followed by Jigawa (N5681.82), Gombe (N5660.00), Borno (N5563.64), and Benue (N5500.00).
On the other end of the spectrum, Kaduna offered the most affordable option at N4150.00, followed by Ogun (N4751.04), Osun (N4763.53), Oyo (N4776.32), and Ondo (N4800.40). Interestingly, the North-East Zone emerged as the region with the highest average price (N5296.32), while the South-West Zone offered the most affordable option at N4805.05.
Figure 4: Price of 5KG LPG for January
This analysis, based on data released by the National Bureau of Statistics (NBS) for January 2024 provides valuable insights into the fuel market. It highlights the significant price discrepancies between regions and states.
By staying informed about these fluctuations, individuals can adjust their purchasing habits and identify areas where they can save money on essential fuels.
