Average Price of Petrol Further Drops to N164.85/L

By Ashemiriogwa Emmanuel

The average cost of buying a litre of Premium Motor Spirit (PMS) or petrol in Nigeria went down by 0.04 per cent to N164.85 in September from N164.91 in August 2021, a report from the National Bureau of Statistics (NBS) has revealed.

However, this is 2.36 per cent year-on-year higher than the N161.06/litre it was sold at the same period last year.

According to the PMS Price Watch report, consumers in Abia state paid the highest average price for the commodity at N172.50 per litre, while Ekiti and Lagos States were the two other states with the highest price at N170.62 and N167.80 respectively.

In contrast, the price of petrol was cheapest in the period under review in Ebonyi and Ondo State at N162.27 and N162.20 per litre respectively, with residents of Kano paying N160.83 for the product.

In terms of region, the north-west zone, it was highest in Jigawa State at N166.5 per litre, while the lowest in the region was Kano at N160.83.

In the North-East, it was highest in Adamawa State at N166.4/litre and lowest in Bauchi State at N162.91, while in the South-South region, it was highest in Edo State at N167.3 and lowest in Bayelsa State at N162.67 last month.

The stats office further said in the South-West, it was highest at N170.62 in Ekiti State and lowest at N162.20 in Ondo State, while in the South-East, it was highest in Abia State at N172.50 and lowest in Ebonyi State at N162.27. In the north-central, it was highest in Benue State at N166.21 and lowest in Niger State at N163.02.

The NBS noted that the fuel prices are gathered across all the 774 local governments across all the 36 states, including the Federal Capital Territory, Abuja, from over 10,000 respondents and locations.

The data reflects the actual prices households state bought those fuels, together with the prices reportedly sold by the fuel suppliers.