The average price of Premium Motor Spirit, popularly known as petrol, in Nigeria reduced in May 2018, the National Bureau of Statistics (NBS) has said in its monthly “Premium Motor Spirit (Petrol) Price Watch” report for the month.
According to the report which was released on Tuesday, the average amount paid by consumers for the product dropped to N150.2 in May 2018 from N150.7 that it was sold in the same month last year (Y-o-Y).
The report noted that the average amount also reduced by -0.8 percent in the review month compared to N151.4 that it was sold in the preceding month (M-o-M).
“States with the highest average price of Premium Motor Spirit (petrol) were Borno (N166.08), Benue (N160.31) and AkwaIbom (N159.44), while states with the lowest average price of Premium Motor Spirit (petrol) were Katsina (N144.82), Kano (N144.87) and Bauchi (N144.93),” the report stated.
Meanwhile, the Statistics Bureau stated in its “National Household Kerosene Price Watch” report for the month under review said that the average price per litre paid by consumers for National Household Kerosene increased by 0.65% M-o-M and decreased by -7.58 percent Y-o-Y to N2.29bn in May 2018 from N278.49 in April 2018.
“States with the highest average price per litre of kerosene were Abuja (N327.50), Yobe (N313.33) and Cross River (N310.19), while states with the lowest average price per litre of kerosene were Borno (N233.33), Abia (N235.53) and Kogi (N251.04),” the report noted.
According to the report, the average price per gallon paid by consumers for National Household Kerosene increased by 0.80 percent M-o-M and decreased by -5.12 percent Y-o-Y to N983.67 in May 2018 from N975.82 in April 2018.
The NBS said that the states with the highest average price per gallon of kerosene were Jigawa (N1143.33), Yobe (N1130.00) and Adamawa(N1088.89), while states with the lowest average price per litre of kerosene were Oyo (N907.66), Delta (N884.62) and Rivers (N834.09).
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