The cost of the household commodity, kerosene, has increased by 41.4% as Nigerians continue to battle high inflation rates in the country.
Current situation
Kerosene in the last 14days has seen a significant 41.4% rise in its prices, that is from N400 per liter to an average of N600 per liter. This couples with the 33% and 163% increase in fuel and diesel in the last few weeks. The National Bureau of Statistics in its latest February report showed a 3.1% increase in the household product from January, but that number would rise as the product peaks at N600 per liter.
Cause of Increase
The snub of Russian oil, initiated as a sanction on the continued invasion of Ukraine, has continued to affect the prices of oil selling at over $100 per barrel, with the market demand of the product more than its availability. With this exponential increase comes the invariable rise in the cost of oil derivatives, such as kerosene.
What this means
With the rise in household commodities, Nigeria’s poor have been hit the most, as kerosene is their major source of fuel for cooking. This means that the poor, which make up 43% or 89 million of Nigerians, would struggle with affording basic commodities for survival.
What they are saying
The Minister of State, Petroleum Resources, Timipre Sylva encouraged Nigerians that the Federal Government would sanction any depot that sells the product above the approved prices.