New Telegraph

Nigerians Pay Higher For Diesel, Petrol In February

Nigerians pay higher prices for procuring Automotive Gas Oil (Diesel) and Premium Motor Spirit (PMS) in February, Price Watch by the National Bureau of Statistics (NBS) has revealed.

According to NBS, three states in Nigeria- Bauchi, Abuja and Adamawa paid the highest price for Automotive Gas Oil (Diesel) in the month of February.

In February 2023 diesel sold for N904.33 per litre in Bauchi State, Abuja (N885.00) and Adamawa (N873.33)

The product recorded the lowest prices in Bayelsa (N767.14), Katsina (N778.75) and Edo (N789.43).

According to NBS, the zonal representation of the average price of diesel showed North Central recorded the highest price of N850.65 while the South-South zone has the lowest price of N814.63 when compared with other zones.

According to NBS, the price of diesel spiralled higher by 168.26% on a year-on-year basis from a lower cost of N311.98 per litre recorded in the corresponding month of last year to a higher cost of N836.91 per litre in February 2023

NBS price watch showed 0.98% was recorded on a month-on-month basis from N828.82 in the preceding month of January to an average of N836.91 in February 2023.

Similarly, the average retail price paid by consumers for Premium Motor Spirit (Petrol) in February 2023 was N263.76, indicating a 54.76% increase when compared to the value recorded in February 2022 (N170.42).

Comparing the average price with the previous month (.i.e. January 2023), the average retail price increased by 2.58% from N257.12.

On state profile analysis, Jigawa state had the highest average retail price for Premium Motor Spirit (Petrol) at N329.17, followed by Rivers and Ebonyi with N323.33 and N317.14, respectively.

“On the other hand, Niger State had the lowest average retail price with N198.50, followed by Plateau with N198.71 and Abuja with N200.00. In addition, analysis by zone showed that the South-East had the highest average retail price in February 2023 with N306.86, while the North-Central had the lowest with N215.01.

Read Previous

Abiodun’s Declaration Rape On Our Democracy – Ogun SDP Gov’ship Candidate

Read Next

Paris 2024: Yusuf confident Olympic Eagles will scale Guinea hurdle

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular