Petrol sold above N130 in 17 states, says NBS

Despite the reduction in the price of petrol to N125 per litre, the product was sold above N130 per litre in 17 states in April, according to the National Bureau of Statistics.

Following the sharp drop in global crude oil prices, the pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020.

The Petroleum Products Pricing Regulatory Agency further announced on March 31 a price band of N123.50 to N125 per litre.

However, the NBS in its latest PMS report said the average price paid by consumers for a litre of petrol stood at N130.84 in April, down from N145.40 in March.

The average price of the product was as high as N140.57 per litre in Jigawa, N140.50 in Borno, and N140.44 in Taraba.

Other states where petrol was sold above N130 per litre were Bauchi (N139.13), Sokoto (N138.57), Yobe (N137.5), Kaduna (N136.75), Katsina (N136.25), Gombe (N136), Kano (N135.66) and Kogi (N135.22).

The average price of petrol was N135 in Niger, N134.88 in Zamfara, N134.29 in Plateau, N133.75 in Adamawa, N131.88 in Cross River, and N130.56 in Benue.

“States with the lowest average price of petrol were Abuja, Ebonyi, Edo, Ekiti, Kwara, Oyo (N125.00), Bayelsa (N125.38) and Enugu (N125.42),” the NBS said.

While the pump price of petrol has been reduced by the government, the prices of nkerosene and diesel have yet to reflect the drop in global oil prices despite the deregulation of the products.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, told our correspondent last month that the inability of marketers to access foreign exchange for importation was partly responsible for the development.

The average price of kerosene, which is still used by many Nigerians for cooking, increased to N342.33 in April from N334.16 in March.

States with the highest average price per litre of kerosene were Imo (N407.50), Enugu (N399.07), and Taraba (N398.33).

“States with the lowest average price per litre of kerosene were Bayelsa (N228.57), Oyo (N297.57) and Rivers (N299.93),” the NBS said.

The average price paid by consumers for Automotive Gas Oil (diesel) decreased by 1.18 per cent to N224.11 in April from N226.78 in March.

 The bureau said, “States with the lowest average price of diesel were Bayelsa (N186.92), Edo (N208.22) and Rivers (N209.59). States with the highest average price of diesel were Sokoto (N249.29), Taraba (N243.33) and Borno (N240.00).”  (The Punch)