Nigerians are struggling as the cost of kerosene rises to almost N800 per litre.

This is occurring at a time when Nigerians are still finding it difficult to adjust to the rise in the price of gas and gasoline.

Kerosene is a deregulated product, meaning pricing are established by the market, unlike gasoline, which currently sells for between N169 and N230 per litre.

In some areas of Lagos State, a litre of cooking kerosene that was sold for N700 last week is now selling for between N800 and N850, according to a market survey done by The Punch on Tuesday, August 2, 2022.

Explanation for Price Increase: The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, attributed the rise in the price of kerosene to the increase in the exchange rate and said that the market for kerosene is unregulated, thus prices might fluctuate.

"The market is unregulated. Additionally, it depends on the worldwide crude market price and the exchange rate between the dollar and the naira. Prices for cooking kerosene might fluctuate since the market is unregulated, according to Osatuyi, who spoke to The Punch.

Additionally, Olufemi Adewole, Executive Secretary of DAPPMAN, Depot and Petroleum Products Marketers' Association of Nigeria, attributed the rise in the price of the good to currency fluctuations in an interview with The Punch.

Cooking kerosene is unregulated, thus exchange rates determine price, according to Adewole. Prices would undoubtedly rise as a dollar currently costs N700 as opposed to N600 just one month ago.