Consumers paid 31.7% more for petrol in January
by MICHAEL ANI
February 14, 2018 | 11:25 am| | | Start Conversation
Consumers paid an average price of N190.9 per litre on the purchase of premium motor spirit popularly known as petrol in January 2018, according to a recent report released by the National Bureau of Statistics (NBS).
This amount represents an up-surge of 31.7 per cent when compared with the retail pump price of N145 per litre that was approved by the Petroleum Products Pricing regulatory Agency (PPPRA) in the same month under review.
According to the report, the average price paid by consumers for premium motor spirit (petrol) increased by 28.4 percent in the same period last year ( YoY), and 11.1 percent month-on-month to N 190.9 in January 2018 from N 171.8 in December 2017.
Also, 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 in 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, the report showed that South East topped the league, with its consumers paying an average of N203.17 per litre of petrol followed by the South-South with about N197.32 per litre of petrol.
Furthermore, the South West came third with an average price of N195.39 per litre, followed by the North West at 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.
Further analysis of the report showed that the average price per litre paid by consumers for Household Kerosene increased by 1.70 per cent when compared to the previous month and a 33.42 per cent decrease 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). While States with the lowest average price per litre of kerosene were Zamfara (N237.50), Kaduna (N241.23) and Kebbi (N242.98).
Similarly, the report showed that the average price per gallon paid by consumers for kerosene dropped by 2.30 per cent when compared with the previous month and also decreased by 28.56 percent when compared to the same period last year (YoY) to N1,024.83 in January 2018 from N1,048.97 in December.
States with the highest average price per gallon of kerosene were Kebbi (N1,253.33), Borno (N1,188.46) & Ekiti(N1,180). While those with the lowest average price per litre of kerosene are Benue (N855.00), Delta (N875.00) and Abuja (N875.30).
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