Retail Price For Petrol Increases To N173.08 In May – NBS

The New Diplomat
Writer
Nigeria Records 15.92 % Inflation In March — NBS

Ad

Ranked: U.S. Crude Oil Imports by Country

Key Takeaways In 2024, 61.7% of America’s crude oil imports were from Canada. Meanwhile, Mexico accounted for 7.1% of crude oil imports. Crude imports make up about 40% of the oil that is refined in America, much of which is heavier crude compared to America’s light oil. For decades, America was a net importer of…

Alleged N85 Billion Nigeria Air fraud: Ex-Minister Sirika Debunks Allegations

By Abiola Olawale The immediate-past Minister of Aviation, Hadi Sirika has spoken on the controversies surrounding the Nigeria Air project, a national carrier initiative that sparked widespread criticism. Speaking during an interview with Channels TV on Wednesday, Sirika dismissed claims of fraud and mismanagement. Sirika, during the interview rejected allegations of fraud, claiming that Nigeria…

Alphabet surges after court rejects DOJ’s call to break up Google in antitrust case

By Obinna Uballa Alphabet shares jumped 6% in premarket trading on Wednesday after a United States court rejected the Department of Justice’s (DOJ) push to break up Google in a high-stakes antitrust case. The DOJ had proposed divesting Google’s Chrome browser and imposing strict restrictions after the company was found last year to hold an…

Ad

The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N173.08 in May.

This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for May, 2022 released in Abuja on Saturday.

The report said the increase indicates a 2.99 per cent increase 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 with N193.20, followed by Imo and Cross River with N188.24 and N187.65, respectively.

“On the other hand, the lowest average retail price for Petrol was recorded in Ogun with N165.00, followed by Yobe and Benue 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 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.(NAN)

Ad

X whatsapp