….as Kerosene price rises 145.68% year-on-year
The National Bureau of Statistics (NBS) has reported that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for November 2022 was N202.48, indicating a 29.81% increase when compared to the value recorded in November 2021 (N167.60).
The Bureau, in its latest ‘Premium Motor Spirit (Petrol) Price Watch (November 2022)’ reported that when analyzed on a month-on-month basis, the November’s average retail fuel price increased by 3.68% from N195.29 it sold for in the preceding month.
The statistics agency further clarified that on state-by-state analysis, Kwara State buyers paid the highest average retail price for Premium Motor Spirit at N217.14 while Enugu and Gombe states were next, with N215.71 and N215.00, respectively.
On the other side, the report showed that Ekiti, Akwa Ibom and Delta States’ consumers paid the lowest average retail prices for PMS at N189.06, 189.33 and 190.00, respectively.
According to the report, on the zonal profile, the North-Central zone had the highest average retail price of N207.35 for PMS per litre, the North West – N200.98; North East – N204.41; South East – 204.91; South West – N202.50; while the South-South zone had the lowest price of N194.58.
Also, the NBS’ ‘National Household Kerosene Price Watch (November 2022)’ report showed that the average retail price per litre of kerosene in November 2022 was N1,083.57, indicating an increase of 4.08% compared to N1,041.05 recorded in October 2022.
However, on a year-on-year basis, there was a 145.68% increase in the commodity’s price per litre in the month under review when compared to the N441.06 it sold at in the corresponding month of 2021.
The report listed the states with the highest average kerosene prices per litre as Akwa Ibom – N1,416.67; Cross River – N1,366.67; and Abuja – N1,306.67 while the states with the lowest average kerosene prices per litre were Borno – N875.83; Rivers – N910; Nasarawa – N913.56
The commodity’s average prices per litre across zones were North Central – N1,092.25; North West – N983.83; North East – N958.80; South East – N1,208.77; South West – N1,163.49; and South-South – N1,130.35
According to the NBS’ report, kerosene prices per gallon rose 2.21% to N3,594.44 in November 2022 from N3,516.87 recorded in October 2022. Also, the kerosene price per gallon rose 132.80% to N3,594.44 in November 2022 from N1,544.01 recorded in November 2021.
The states with the highest average prices per gallon were Kwara – N4,505.83; Enugu – N4,302.21; and Abia – N4,238.46 while the states with the lowest average prices per gallon were Gombe – N2,430.50; Borno – N2,500; and Bauchi – N2,766.67
The Bureau further reported that the commodity’s prices per gallon across zones showed that North Central buyers paid highest at N3,811.07 followed by North West – N3,652.19; North East – N2,997.86;
South East – N4,124.55; South West – N3,526.82; while South-South buyers paid lowest at N3,496.78 per gallon
Meanwhile, the Bureau in its ‘Automotive Gas Oil (Diesel) Price Watch (November 2022)’ also disclosed that the average price paid by consumers in November 2022 for the item was N808.87 per litre.
The price signified a 191.14% increase from the N277.83 recorded in November 2021 and a 0.97% rise from the N801.09 recorded in October 2022.
According to the report, the states with the highest average prices per litre of diesel were Ebonyi – N866; Plateau – N865; and Nasarawa – N858.89 while the states with the lowest average prices per litre of diesel were Akwa Ibom – N750; Benue – N772; and Borno – N780.50
An analysis of the average prices per litre of diesel across zones showed that North Central paid the highest at N826.88 followed by North West – N802.64; North East – N799.98; South East – N817.93; South West – N821.62; and that South-South zone paid the lowest price for the item at 783.73 per litre.
