The price of kerosene, which is used by several families, has risen to N800 per litre, just as the market is adjusting to 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.
Executive Secretary, Depot and Petroleum Products Marketers’ Association of Nigeria, DAPPMAN, Olufemi Adewole, told The PUNCH in an interview that the reason behind the continuous rise in prices of cooking kerosene was the exchange rate.
“Cooking kerosene is deregulated so prices depend on foreign exchange. A dollar is now N700 from N600 just last month, so prices will surely increase,” he said.