Petrol price drops to N173 in February – NBS

Samuel Bello, Abuja

A report from the National Bureau of Statistics (NBS) reveals that the average price paid by consumer for Premium Motor Spirit (petrol) increased by 15.1 percent year-on-year in February 2018.

According to the report, the average price also increased by -9.6% month-on-month to N172.5 in February 2018 from N190.9 in January 2018.

NBS disclosed this in its Premium Motor Spirit (petrol) Price Watch, National Household Kerosene Price Watch, Automotive Gas Oil (diesel) Price Watch and Liquified Petroleum Gas (Cooking Gas) Price Watch for February 2018, which was released yesterday in Abuja.

The report from the Bureau stated that Plateau (N206.82), Osun (N201.29) and Edo (N200.83) were the states with the highest average price of petrol.

“States with the lowest average price of premium motor spirit (petrol) were Katsina (N145.00), Abuja(145.00) and Kogi (N147.06).

NBS also reported that the average price for refilling a 5kg cylinder for cooking gas in February dropped to N2155.97 from N2,190.07 in January, representing a decrease of -1.56 percent month-on-month and -20.40 percent year-on-year.

“States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas were Borno (N2500.00), Yobe (N2500.00) and Anambra (N2364.29).

“Average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas increased by 0.12% month-on-month and decreased of -18.94% year-on-year to N4333.27 in February 2018 from N4,327.89 in January.

“States with the highest average price for refilling of a 12.5kg cylinder for liquefied petroleum gas (cooking gas)  were Akwa Ibom (N5,000.00), Benue (N5,000.00) and Kogi (N4,816.67). States with the lowest average price for the refilling of a 12.5kg cylinder were Oyo (N3871.05), Ogun (N3788.89) and Lagos (N3,727.78).

NBS also stated that the average price per litre paid by consumers for National Household Kerosene dropped to N288.57 in February from N288.85 in January this year.

“States with the highest average price per litre of kerosene were Plateau (N319.44), Nassarawa (N316.67) and Bayelsa (N315.28). States with the lowest average price per litre of kerosene were Kebbi (N257.29), Oyo (N260.53) and Niger (N262.5).

“Similarly average price per gallon paid by consumers for National Household Kerosene increased by 0.54% month-on-month and decreased by -24.58% year-on-year to N1030.33 in February 2018 from N1,024.83 in January