NBS: Price of petrol rises to N189 per litre in August 2022 from N164 in August 2021

The Major Oil Marketers Association of Nigeria (MOMAN) has recommended gradual price deregulation for petrol to reduce the subsidy burden on the nation.

The National Bureau of Statistics (NBS) yesterday, disclosed that the average retail price paid by consumers for Premium Motor Spirit (petrol) per litre has increased to N189.46 in August 2022 from N164.91 recorded in August, 2021.

This is also as the price of diesel per litre has risen from N254.21 in August, 2021 to N786.88 in August, 2022.

According to data obtained from the bureau’s website, the hike in petrol indicates a 14.89 per cent increase when compared to the value recorded in August 2021.

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Likewise, comparing the average price value with the previous month (.i.e. July 2022), the average retail price decreased by 0.29 per cent from N190.01.

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On state profile analysis, Kaduna State had the highest average retail price for petrol with N210.94, followed by Jigawa with N210.50 and Ebonyi with N205.50. On the other hand, Ogun had the lowest average retail price for Premium Motor Spirit (petrol) with N177.88, followed by Delta with N178.00 and Bauchi with N178.50.

Analysis by zone showed that the North-West recorded the highest average retail price in August 2022 with N199.73, while the North-East had the lowest with N178.93.

Meanwhile, the average retail price of Automotive Gas Oil (diesel) paid by consumers in August 2022 was N786.88 per litre, an increase of 209.54 per cent from N254.21 per litre recorded in the corresponding month of the previous year. On a month-on-month basis, this increased by 1.61 per cent from N774.38 per litre reported in July 2022. On state profile analysis, the highest average price of the product in August 2022 was recorded in Ebonyi with N861.67, followed by Ondo with N850.00, and Abuja with N845.00. On the other hand, the lowest price was recorded in Katsina with N702.22, followed by Yobe with N705.00 and Akwa Ibom with N731.82. Furthermore, analysis by zone showed that the North-Central had the highest price with N813.24, while the South-South recorded the lowest price with N762.41.

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