Consumers Paid 31.04% More For Petrol In January – NBS

Consumers of premium motor spirit, PMS, also called petrol, paid an average of N190.90 per litre of the product in January, the National Bureau of Statistics, NBS has said.

When compared with the retail pump price of N145 per litre approved by the Petroleum Products Pricing Regulatory Agency, PPPRA, indications are that consumers paid an average hike in price of about 31.04 percent during the month.

On a monthly basis, the average price per litre is about 11.12 per cent higher than about N171.8 paid in December, 2017, the bureau said in its latest Premium Motor Spirit (Petrol) Price Watch report published on its website on Tuesday.

The price of the commodity in the corresponding month of January 2017 showed an increase from about N148.7 per litre to N190.9 (about 28.4 per cent).

Further details of the report showed that consumers in Osun state paid the highest average price for petrol during the month of January 2018 (about N229 per litre), followed by Abia with about N227.5 per litre.

Benue state recorded the third highest average petrol price for January 2018 (about N223.3 per litre).

Kogi, however, emerged the state where consumers paid the lowest average price for petrol last month (about N152.83 per litre), followed by Gombe State (about N1157.73). Zamfara recorded the third lowest average price of petrol at N159 per litre.

In terms of the country’s geopolitical zones, South East topped the price chart, with consumers paying an average of N203.17 per litre of petrol. The zone was followed by the South-South with about N197.32 per litre of petrol.

Similarly, the South West had the third highest average price of petrol of N195.39 per litre, followed by the North West by N193.42 per litre.

Consumers in the North East zone paid the lowest average price of about N172.5 followed by the North Central at N185.83 per litre.

Meanwhile, average price per litre paid by consumers for Household Kerosene increased by 1.70 per cent when compared on an annual basis.

The report said the price was lower by 33.42 per cent when compared with about N288.85 paid by consumers in January 2018, and N284.03 in December 2017.

States with the highest average price per litre of kerosene were Gombe (N332.37), Edo (N326.39) and Benue (N325.64).

The NBS said states with the lowest average price per litre of kerosene were Zamfara (N237.50), Kaduna (N241.23) and Kebbi (N242.98).

Similarly, on a monthly basis, the NBS said average price per gallon paid by consumers for kerosene dropped by 2.30 per cent when compared with the previous month.

About N1,048.97 was spent for the same quantity of the commodity in December 2017, which is a reduction by 28.56 per cent compared to N1,024.83 paid during a corresponding period in January 2018.

States with the highest average price per gallon of kerosene were Kebbi (N1,253.33), Borno (N1,188.46) and Ekiti (N1,180.00).

States with the lowest average price per litre of kerosene were Benue (N855.00), Delta (N875.00) and Abuja (N875.30).