A report released by the National Bureau of Statistics has shown that many Nigerians are still paying far above ₦185 per litre approved pump price of petrol amid fuel scarcity.
Members of the Major Oil Marketers Association of Nigeria, and NNPCL Retail outlets, sold the product at ₦185 per litre to consumers, while members of the Independent Petroleum Marketers Association of Nigeria on the other hand, sold PMS between ₦200 and ₦250 per litre.
The NBS, however, in its Premium Motor Spirit (petrol) price watch for January 2023 stated that on average, Nigerians paid the sum of ₦257.12 per litre for the product.
The report noted that the average price in January 2023 was an annual increase of 54.52 per cent and a monthly increase of 24.70 per cent.
The report reads, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was ₦257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022 (N166.40).
“Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70 per cent from ₦206.19.”
It further noted that Imo State had the highest average retail price for petrol at ₦332.14 per litre, then Rivers at ₦327.14 and Akwa Ibom at ₦319.00.
It was also observed that Sokoto recorded the lowest average retail price for petrol at ₦191.43 per litre, followed by Plateau at ₦192.14 and Borno at ₦193.91.
The report added, “In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with ₦307.85, while the North-Central had the lowest with ₦217.15.”
This high cost of petrol occurred as Nigerians battled with petrol scarcity and the country battled with rising fuel subsidy costs.
