Retail price for petrol increases to N190.01 in July 2022 — NBS

The National Bureau of Statistics (NBS) on Friday revealed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N190.01 in July 2022.

The Bureau in the NBS Premium Motor Spirit (Petrol) Price Watch for July 2022 released in Abuja on Friday, highlighted that the increase indicated a 14.53 per cent increase when compared to the value recorded in June 2021 at N165.91.

The report noted, “Likewise, comparing the average price value with the previous month of June 2022, the average retail price increased by 8.03 per cent from N175.89.’’

The report said on a state profile analysis, Niger State had the highest average retail price for Petrol with N208.00, followed by Adamawa with N207.57 and Nasarawa with N205.50.

On the other hand, Edo had the lowest average retail prices for Petrol with N173.50, followed by Imo with N175.79 and Bayelsa with N180.00.

Analysis by zone showed that North-Central recorded the highest average retail price in July 2022 with N193.87, while the South-South had the lowest with N184.35.

The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for July 2022 that the average retail price paid for Diesel by consumers was N774.38 per litre.

It said this amounted to an increase of 208.74 per cent from N250.82 per litre recorded in the corresponding month of the previous year.

“On a month-on-month basis, this increased by 5.53 per cent from N733.78 per litre reported in June 2022: the report indicated.

The report said on state profile analysis, the highest average price of the product in July 2022 was recorded in Plateau with N866.00, followed by Oyo with N860.00, and Ebonyi with N851.43, respectively.

On the other hand, the state with the lowest price was recorded in Yobe with N686.67, followed by Katsina with N695.00 and Gombe with N722.00.

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In addition, the zone analysis shows that the South-East had the highest price with N802.89, while the North-East recorded the lowest price with N747.72.