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Petrol Price in Nigeria Hits N173 in May as Diesel Jumps 181% in One Year

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Petrol Price in Nigeria Hits N173 in May as Diesel Jumps 181% in One Year

By Ahmed Ayanfe


Nigeria’s custodian of data, the National Bureau of Statistics (NBS) has said the average retail price paid by consumers for petrol increased to N173.08 in May.

The NBS Premium Motor Spirit Price Watch for May 2022, which was released in Abuja on Saturday, said the increase indicates a 2.99 per cent rise when compared to the value recorded in May 2021 at N168.06.

“Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27 per cent from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022.”

On state profile analysis, the report said the highest average retail price for petrol was recorded in Abia State with N193.20, followed by Imo State and Cross River State with N188.24 and N187.65, respectively.

“On the other hand, the lowest average retail price for petrol was recorded in Ogun State with N165.00, followed by Yobe and Benue states with N165.36 and N165.50, respectively.”

The report showed that the highest average retail price was recorded in the South-east zone with N186.24, while the North-central had the least with N168.20.

The NBS revealed in its Automotive Gas Oil (diesel) Price Watch Report for May 2022 that the average retail price of diesel paid by consumers increased by 181.00 per cent from N238.82 in May 2021 to N671.08 recorded in May 2022.

“On a month-on-month basis, the average retail price increased from N654.46 in April 2022, indicating a rise of 2.54 per cent when compared to the average retail price paid in May 2022.”

On a state profile analysis, the report revealed that the state with the highest average price for diesel in May 2022 was Ekiti with N716.15, followed by Osun and Oyo with N716.00 and N707.33, respectively.

On the other hand, it said 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.

The report said the zone analysis showed that the average price of diesel was highest in the South-West with N705.60, while the North-east had the lowest price with N639.00.

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