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The average price paid by consumers for premium motor spirit (PMS) commonly known as petrol, exceeded the N145 regulatory benchmark in Lagos, Kwara and 21 other states in June, data from the National Bureau of Statistics (NBS) show.
The number of states where the price per litre was above the official price ceiling inched a spot higher to 23, compared to 22 in the preceding month.
The cost per litre of petrol grew marginally 0.2 per cent monthly basis to N145.4 in the sixth month and dipped slightly 1.8 percent year-on-year.
Kogi, Nigerian thirteenth largest state by land area, recorded the highest average price at N147.91 last month, up 1.3 percent compared to N150.91 a year earlier. Kebbi (N146.43) and Bayelsa (N146.25) featured in the list of top three states where petrol is most expensive.
Meanwhile, in the previous week, the new chief of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, while making submission on revenue generation of the state enterprise before the Senate, stated that the N145 pump price of petrol, which is the cheapest in the West African region, might be increased soon.
Kyari said the low price encourages smuggling and hampers the corporation’s revenue-generating capacity.
The Federal Government three years ago raised the pump price of fuel by 68 percent to the current N145 from N86.50, to boost fuel availability, prevent diversion of petroleum products and encourage investment in the country’s refineries.
Petrol sold cheapest in Benue at N144 last month, followed by Kastina (N144.13) and Abuja (N144.2). Average price dipped in these three states by 0.21 percent, 0.57 percent and 1.66 percent respectively.
Average per litre price hovered around N145 across the six geo-political zones, highest in South-south at N145.55, and cheapest in North-west at N145.11.
Diesel declines by the most in more than 9 months
On the other hand, consumers paid less for automotive gas oil (diesel) as price decreased by -1.46 percent month-on-month to N224.69 in June.
On a monthly basis, price of diesel fell by the most since the start of 2019 in June, however, the commodity sold higher year-on-year by 9.62 percent.
States with the highest average price of diesel were Borno at N266.67 per litre. Diesel sold relatively expensive at Taraba and Abuja for N250.00 and N239.00 respectively.
Conversely, states with the lowest average price of diesel were Bayelsa (N204.17), Nasarawa (N196.91) and Plateau (N183.33).
Kerosene rose marginally
According to the state-funded data agency, in June Nigerians paid more for Kerosene as average price per litre paid by consumers for the commodity increased by 0.17 percent month-on month and 13.14 percent year-on-year to N316.43 per litre.
On a year-on-year basis, last month Kerosene fluctuated by the most since April where it rose by 13.57 percent. Price of the commodity, used as fuel in households, has risen by an average of 1.45 percent month-on-month from N306.28 per litre in January.
Kerosene was most expensive in Anambra state where the average price stood at N381.25. The price of kerosene was also high in Abia, Bayelsa, Akwa Ibom at N356.67 per litre and Enugu at N352.78 per litre.
On the other hand, Kerosene was cheapest in Kwara where a litre sold for an average of N254.17, at Abuja at N250.00 per litre and Benue at N249.83 per litre.
The average price per gallon paid by consumers for National Household Kerosene increased by 0.49 percent month-on-month and 21.13 percent year-on-year to N1,216.53 in June 2019 from N1,210.56 in May 2019.
Cooking gas sold cheaper
The NBS also reported that average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) declined for four straight months by -1.61 percent to N1,995.38 in June. Cooking gas also fell -1.94 percent year-on-year.
States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Adamawa (N2,485.00), Bauchi (N2,450.00) and Borno (N2,407.14).
States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Ebonyi (N1,732.50), Enugu (N1,702.86) and Abuja (N1,700.00).
The average price for refilling a 12.5kg cylinder of cooking gas increased by 0.13 percent in June snapping two consecutive months of decline.
The commodity decreased by -1.24 percent year-on-year to N4,226.04 in June 2019 from N4,220.44 in May 2019.
States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bayelsa (N4,654.55), Akwa Ibom (N4,640.00) and Enugu (N4,563.85).
States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Katsina (N3,900.00), Ekiti (N3,870.41) and Kano (N3,775.00).
Israel Odubola & Segun Adams
