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Petrol price jumps by 8.73%, most expensive in Ebonyi, Enugu



Increase in petrol price inevitable –Rewane

The cost of a litre of Premium Motor Spirit (Petrol) increased by 8.73 per cent in March 2022 with Nigerians residing in the South-East region paying the highest price.

The National Bureau of Statistics (NBS) disclosed this on Wednesday in its monthly price watch report.

The report showed that the average retail price paid by consumers for petrol increased to N185.30 in March compared to N170.42 in February 2022.

On state by state profile analysis, the highest average retail price for Premium Motor Spirit (Petrol) was recorded in Enugu with N218.33 followed by Ebonyi and Cross River with N215.00 and N214.41 respectively.

On the other hand, states with the lowest average retail price for Petrol were Jigawa, Benue and Nassarawa with N165.71, N165.50 and N165.45 respectively.

More so, the highest average retail price was recorded in the South-East zone with N210.846 while the North-Central had the least average retail price with N168.40.

Similary, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 129.10% from N235.41 in March 2021 to N539.32 the value recorded in March 2022.

On month-on-month basis, the average retail price increased from N311.98 in February 2022 indicating a rise of 72.87% when compared to the average retail price paid in March 2022.

Read also: NNPC releases another 516.4m litres of petrol to Nigerians

On state profile analysis, the state with the highest average price for Diesel in March 2022 was Ekiti with N672.14 followed by Lagos and Abia with N668.75 and N645.00 respectively.

On the other hand, the state with the lowest average price was recorded in Bauchi with N408.00 followed by Borno with N432.00 and Yobe with N412.00.

In addition, zone analysis shows that the average price of Diesel was highest in South-West with N619.11 while North-East had the lowest price with N450.17.

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