NIGERIA: NATIONAL AVERAGE KEROSINE PRICE UP BY OCTOBER

Despite recent decision of the Nigerian government to cap the sale price of kerosine at N150 per litre, the average price rose by 1.40% in October almost hitting twice the cap.

According to market statistics for the month released this week by the National Bureau of Statistics, national average price for kerosine in October was N292.73 per litre, up 1.4% on N288.68 in September.

What's more this increase comes after two months consecutive decrease from a high of N310.29 per litre in July to N298.19 in August (down 3.90%) before dropping by another 3.19% to September average.

As usual, price differential between the states of the federation remains substantial enough for money to be made just by buying from low price states to sell in high ones.

By October, Sokoto state had the highest average price per litre (N375) followed by Taraba with N370; Yobe N353; Borno N347.22; IMO N340 and Enugu with N335.33.

Other States with average price per litre more than twice the national recommended cap were Cross River with N329.36; Kano N316; Nassarawa N306.06; Ogun N304.90 and Ebonyi state with N302.38.

Katsina state was with the lowest average price per litre at N230.21; just about N80 above the recommended cap.

It was followed by Niger state with N243.33; Bayelsa N254.55; Oyo with N254.78; Jigawa N257.78; Plateau state with N258.33 and Kebbi N259.65 per litre.

This meant, for example, a speculator who buys from Katsina could make good profit selling at nearby Sokoto state or Taraba, Yobe and Kano.

Buying from Oyo state, there was room for making profit selling in Ogun state and even Lagos state where the average price per litre was N296.88.

From Bayelsa state, a buyer could earn his daily bread selling in not too distant Imo, Enugu and Ebonyi states or even Abia where average price per litre by October was N298.53.

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