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Nigeria’s South-East worst hit as price of petrol rises by 2.99%

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Importation of petroleum products increased to 5.6bn litres in quarter 3

The average retail price paid by consumers for Premium Motor Spirit (PMS) otherwise known as petrol increased to N173.08 in May.

The figure, according to a report released by the National Bureau of Statistics on Friday, was 2.99 percent higher than the N168.06 Nigerians paid for the commodity in May last year.

Also, on a month-on-month basis, the average retail price of the product increased by 0.27 percent from N172.61 in April to N173.08 last month.

In the analysis of the report by states, the highest average retail price for PMS was recorded in Abia with N193.20, followed by Imo and Cross River with N188.24 and N187.65 respectively.

The lowest average retail price for petrol was recorded in Ogun with N165.00, followed by Yobe and Benue with N165.36 and N165.50 respectively.

The highest average retail price was recorded in the South-East where consumers paid N186.24 while the North-Central had the least with N168.20.

READ ALSO: Petrol price may increase to N180/litre in Lagos, Ibadan, other S/W areas

For Automotive Gas Oil (Diesel) the average retail price paid by consumers increased by 181.00 percent from N238.82 in May 2021 to N671.08 in the same period this year.

On a month-on-month basis, the average retail price increased by 2.54 percent from N654.46 in April to N671.08 last month.

On a state-by-state basis, residents of Ekiti paid the highest price for diesel in May at N716.15, followed by Osun and Oyo with N716.00 and N707.33 respectively.

The state with the lowest average retail price was Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44 respectively.

On a regional basis, the highest average price for diesel was recorded in the South-West with N705.60, while the North-East had the lowest price with N639.00.

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