Economy

NBS: Retail price for petrol increases to N173.08 in May 2022

The Enugu North Local Government Council of Enugu State has shut down the tomato section of Akwatta in Ogbete Main Market, Enugu, until further notice.

The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N173.08 in May.

This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for May 2022 released in Abuja on Saturday.

The report said the increase indicates a 2.99 per cent increase when compared to the value recorded in May 2021 at N168.06.

“Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27 per cent from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022.”

On state profile analysis, the report said the highest average retail price for Petrol was recorded in Abia with N193.20, followed by Imo and Cross River with N188.24 and N187.65, respectively.

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“On the other hand, the lowest average retail price for Petrol was recorded in Ogun with N165.00, followed by Yobe and Benue with N165.36 and N165.50, respectively.”

The report showed that the highest average retail price was recorded in the South-East zone with N186.24, while the North-Central had the least with N168.20.

The NBS revealed in its Automotive Gas Oil (Diesel) Price Watch Report for May 2022 that the average retail price of Diesel paid by consumers increased by 181.00 per cent from N238.82 in May 2021 to N671.08 recorded in May 2022.

” On a month-on-month basis, the average retail price increased from N654.46 in April 2022, indicating a rise of 2.54 per cent when compared to the average retail price paid in May 2022.”

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On a state profile analysis, the report revealed the state with the highest average price for Diesel in May 2022 was Ekiti with N716.15, followed by Osun and Oyo with N716.00 and N707.33, respectively.

On the other hand, it said the state with the lowest average retail price was Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44, respectively.

The report said the zone analysis showed that the average price of Diesel was highest in the South-West with N705.60, while the North-East had the lowest price with N639.00.

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