Average price of petrol increases by 29.81% in November, says NBS

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The National Bureau of Statistics (NBS) on Tuesday disclosed that the average retail price paid by consumers for Premium Motor Spirit (PMS) or petrol for November 2022 was N202.48, indicating a 29.81per cent from N167.60 paid in November 2021.

According to NBS, the average retail price paid by consumers in October 2022 increased by 3.68per cent Month-on-Month (MoM) from N195.29.

“Premium Motor Spirit (Petrol) Price Watch report, Kwara State had the highest average retail price for Premium Motor Spirit (Petrol), at N217.14.

“Enugu and Gombe states were next, with N215.71 and N215.00, respectively. On the other side, Ekiti, Akwa Ibom and Delta states had the lowest average retail prices for Premium Motor Spirit (Petrol), at N189.06, 189.33 and 190.00, respectively.

“Lastly, on the zonal profile, the North-Central zone had the highest average retail price of N207.35, while the South-South zone had the lowest price of N194.58,” the report added.

The report also disclosed that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 1.46per cent on a MoM basis from N4,483.75 recorded in October 2022 to N4,549.14 in November 2022.

The report added: “On a year-on-year basis, this rose by 37.34per cent from N3,312.42 in November 2021. On state profile analysis, Niger recorded the highest average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,983.33, followed by Kwara with N4,963.33, and Adamawa with N4,960.00.

“On the other hand, Abia recorded the lowest price with N4,125.00, followed by Delta and Anambra with N4,202.78 and N4,204.17 respectively.

“In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,852.74, followed by the North-East with N4,606.80, while the South-East recorded the lowest with N4,357.18.”

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