Friday, September 30, 2022

Retail price for petrol stood at N189.46 in August: NBS

The increase indicates a 14.89 per cent increase when compared to the value recorded in August 2021 at N164.91

• September 16, 2022
National Bureau of Statistics (NBS)

The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) for August 2022 was N189.46.

According to the NBS Premium Motor Spirit (Petrol) Price Watch for August 2022 released in Abuja on Friday, the increase indicates a 14.89 per cent increase when compared to the value recorded in August 2021 at N164.91.

“Likewise, comparing the average price value with the previous month of July 2022, the average retail price decreased by 0.29 per cent from N190.01.”

The report said on a 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 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.

The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for August 2022 that the average retail price paid for Diesel by consumers was N786.88 per litre.

It said this amounted to 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.”

The report said on state profile analysis, that 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.

In addition, the zone analysis shows that the North-Central had the highest price with N813.24, while the South-South recorded the lowest price with N762.41.

(NAN)

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