Business

Kerosene Hits Over N800/Litre, Nigerians Face Hard Times

Published

3 years ago

August 3, 2022

The price of kerosene used by several families have jumped to N800 per litre just as the market is beginning to adjust to the newly increased petrol and gas prices.

Market survey by The PUNCH on Tuesday showed that one litre of cooking kerosene, sold for N700 last week, now sells for between N800 and N850 in urban parts of Lagos State, while the price has hit as high as N1000 per litre in suburb areas at filling stations.

In Ghana, the price of a litre of cooking kerosene currently sells for GHS 12.044 (N585) per litre.

Unlike petrol, kerosene is a deregulated product- meaning prices are determined by market forces.

“It’s a deregulated market. It is also a function of the dollar to naira rate and the crude price at the international market. Since cooking kerosene is deregulated, prices can go up, it can also come down,” National Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi told The PUNCH.

As of June, the Nigerian Bureau of Statistics, NBS, had reported an 88 per cent rise in prices of cooking kerosene and Liquefied Petroleum Gas within in one year.

According to the NBS report on “National Household Kerosene Price Watch,” the price of cooking kerosene went up by 86.94 per cent in one year.

The report also said that the average retail price per litre of household kerosene, HHK, paid by consumers in May 2022 increased by 15.21 per cent on a month-on-month basis from N589.82 in April 2022 to N679.54 in May 2022.

The state profile analysis showed that the highest average price per litre in May 2022 was recorded in Enugu with N868.75, followed by Ebonyi with N861.11 and Imo with N801.67. On the other hand, the lowest price was recorded in Bayelsa with N558.06, followed by Yobe with N601.39, and Nasarawa with N603.33.

In addition, the South-East recorded the highest average retail price per litre of household kerosene with N773.09, followed by the South-West with N738.19, and the North-Central with N668.78, while the North-East reported the lowest with N632.06.

An energy expert, Bala Zakka, while speaking in an exclusive chat with our correspondent, attributed the sharp increase in the price of the 19 Suspects Arrested In Possession Of Illegally Refined Fuel to Nigeria’s continued inability to refine petroleum products for local consumption.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

7 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

7 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

1 day ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.