NBS: Retail price for petrol increased to N190.01 in July

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The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit, otherwise known as Petrol, increased to N190.01 in July 2022.

This was contained in the NBS PMS Price Watch for July 2022 released on Friday.

The report said the increase indicates a 14.53 per cent increase when compared to the value recorded in June 2021 at N165.91.

“Likewise, comparing the average price value with the previous month of June 2022, the average retail price increased by 8.03 per cent from N175.89,” it stated.

The NBS stated that on a state profile analysis, Niger State has the highest average retail price for petrol with N208.00, followed by Adamawa with N207.57, and Nasarawa with N205.50.

On the other hand, Edo has the lowest average retail price for petrol with N173.50, followed by Imo with N175.79, and Bayelsa with N180.00.

Analysis by zone showed that North-Central recorded the highest average retail price in July 2022 with N193.87, while the South-South had the lowest with N184.35.

The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for July 2022 that the average retail price paid for diesel by consumers was N774.38 per litre.

It said this amounted to an increase of 208.74 per cent from N250.82 per litre recorded in the corresponding month of the previous year.

“On a month-on-month basis, this increased by 5.53 per cent from N733.78 per litre reported in June 2022,” it added.

The NBS stated that on state profile analysis, the highest average price of the product in July 2022 was recorded in Plateau with N866.00, followed by Oyo with N860.00, and Ebonyi with N851.43, respectively.

On the other hand, Yobe State has the lowest price for diesel with N686.67, followed by Katsina with N695.00, and Gombe with N722.00.

In addition, the zone analysis showed that the South-East has the highest price with N802.89, while the North-East recorded the lowest price with N747.72.

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