Petrol Prices Drop to N164.91/L in August
By Sodeinde Temidayo David
The average price paid by consumers for Premium Motor Spirit (PMS) popularly known as petrol experienced a calm last month as it decreased by 0.6 per cent to N164.91 per litre from N165.91 in July 2021.
However, on a year-on-year basis, the average price increased by 10.9 per cent as the value stood at N148.78 in August 2020.
Business Post gathered from the data released by the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch for August 2021 that Abia, Ebonyi and Lagos States recorded the highest average price.
It was observed that consumers in Abia bought fuel for N173.14 per litre, Ebonyi residents bought at the rate of N170.13 and Lagos petrol users paid N168.31 for every litre bought.
Meanwhile, the states with the lowest average price were Niger State at N162.00 a litre, Borno State at N161.71 per litre and Kano State at N158.75 for one litre.
In terms of the geo-political zones, the South East recorded the highest average price at N167.95 per litre, with Abia selling at N173.14 and Enugu recording the lowest at N164.62 per litre.
The South-West zone trailed at an average price of N165.48 per litre with Lagos selling at the peak price of N168.31 while Ondo state residents bought at the lowest price of N163.53 for one litre.
The average price of petrol in the South-South in August was N165.02 per litre, with Edo and Cross River States tied as the highest at N166.00 while the lowest was Rivers State at N163.41.
Business Post understands that petrol was cheaper in the northern part of the country with North West consumers buying the fuel at N163.41 for a litre in the month under review. It was followed by the North East at N164.39 and North Central traded at N164.09 per litre.
The changes in the price can be attributed to the performance of international oil prices which dropped in August due to concerns on global demand caused by the rapid spread of the Delta variant of the coronavirus.