Consumers in December 2023 experienced a spike in the average retail price of kerosine reaching N1, 362.27 per litre nationwide.
This marked a 5.84 per cent increase compared to the N1, 287.10 recorded in November 2023.
The latest report of the Nigerian Bureau of Statistics obtained on Tuesday indicated on a year-on-year basis, the surge amounted to 23.33 per cent, climbing from N1, 104.61 in December 2022.
An in-depth state analysis unveiled a disparity in prices across the nation.
NBS notes, “Abuja led the pack with the highest average price per litre at N1, 650.00, closely trailed by Ogun at N1, 609.52 and Benue at N1, 594.44.
“Conversely, Kwara emerged with the lowest price recorded at N917.14, followed by Rivers with N969.70 and Nasarawa with N1, 071.43”
NBS’ further examination based on geographical zones disclosed that the southwest experienced the highest average retail price per litre of household kerosene, reaching N1, 455.21.
The North West followed closely at N1, 420.48, while the southeast recorded the lowest at N1, 264.49.
Shifting the focus to the per-gallon prices, NBS stated that, “consumers paid an average of N4, 529.92 for household kerosene in December 2023, indicating a slight decline of 1.17% from the N4, 583.44 recorded in November 2023.
On a year-on-year basis, this reflected a substantial increase of 20.69 per cent from N3, 753.38 in December 2022.”
The state-level analysis for per-gallon prices revealed Bauchi topping the list at N5,600.00, followed by Lagos at N5,273.53 and Ekiti at N5,234.38. Conversely, Delta recorded the lowest price at N3, 234.29, followed by Bayelsa and Kaduna with N3, 538.03 and N3, 560.00, respectively.
Read Also:
“Zone-wise, the North-East led with the highest average retail price per gallon of Household Kerosene at N5, 077.08, closely followed by the South West at N5, 014.48.
In contrast, the South-South recorded the lowest average price per gallon at N3, 957.17, rounding off the challenging pricing landscape for consumers in the final month of 2023”, NBS said.
NGX falls by 1.50% as investors lose N856.2bn
On Tuesday, equities trading at the Nigerian Exchange Limited ended bearish to break 13 days of winning streak as the NGX All-Share Index fell by 1.50 percent to settle at 103,106.85 basis points.
Basically, losses in Tier-1 banks namely, Zenith Bank, Guaranty Trust Holding Company and United Bank for Africa dragged down the market as selloffs on these stocks dipped their value by 7.14 percent, 6.29 percent and 9.67 percent, respectively.
Consequently, the year-to-date return decreased to +37.89 percent.
Meanwhile, owing to the bearish trading outing, equities investors lost N856.17 billion from their overall investments as the market capitalization settled at N56.43 trillion by the end of trading activities on Tuesday.
Activities at the local bourse were tepid as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 57.26 percent.
A total of 648.95 million shares valued at N11.09 billion were exchanged in 14,579 deals.
Japaul Gold led the volume chart with 59.80 million units traded while United Bank for Africa led the value chart with deals worth N1.23 billion.
Market breadth closed negative at with declining issues outnumbering the advancing ones. On the performance board, Access Holdings topped forty-nine 49 others on the laggard’s table having depreciated in share value by 10.0 percent, while UPDC led six others on the leader’s having appreciated in share value by 8.11 percent.
