New Data Shows Imo Leads List of 10 States With Highest Petrol Prices in Nigeria
- New data released by the National Bureau of Statistics has revealed that Nigerians paid more for petrol in May 2023
- The data also showed that the price of a litre of petrol was sold at an average price of N238.11 across the country
- The highest petrol price for May was recorded in Imo State, followed by Gombe State and Jigawa state
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The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by 37.57 per cent from N173.08 in May 2022 to N238.11 in May 2023.
NBS stated this in its latest PMS Price Watch Report published on its website and obtained by Legit.ng on Tuesday, June 20, 2023.
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According to the report, the amount Nigerian motorist paid in May 2023 is a 7.57 % increase compared to the value recorded in May 2022 (N173.08 ), Punch reports.
The significant increase in petrol prices is due to the removal of the petrol subsidy, which was first announced by President Bola Tinubu during his inaugural speech.
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States with highest and lowest petrol price in July 2023
Furthermore, NBS provided a breakdown of states analysis and it showed that Taraba state residents paid N562.86 per litre for petrol the highest in the country.
This is followed by another northern state, Yobe with N562.31 and Kano with N561.82.
On the flip side there was relatively ease as Anambra recorded the lowest average retail price with N534.44.
Ebonyi state followed with N535.00 and Oyo with N537.43.
In addition, analysis by zone showed that the North-East recorded the highest average retail price in June 2023 with N557.03, while the South-West had the lowest with N539.36.
List of 10 states with the highest price for petrol in May
- Taraba - N562.86
- Yobe - N562.31
- Kano - N561.82
- Gombe - N560.83
- Borno - N557.14
- Jigawa - N556.67
- Abia - N552.73
- Adamawa - N551.25
- Kogi - N550.83
- Kaduna - N549.53
- Zamfara - N549.09
"He only reduced, not remove": Rewane speaks on Tinubu's fuel subsidy decision
Meanwhile in another report, Bismarck Rewane, a prominent Nigerian economist, has stated that the fuel subsidy in Nigeria has not been completely removed.
He noted that President Bola Tinubu only implemented a reduction in the subsidy to keep fuel prices lower than they would have been without any subsidy.
Rewane also called for comprehensive reforms in various institutions, including monetary, fiscal, justice, and security, to fully benefit from democracy.
Source: Legit.ng
