N657 Per Litre: Fuel Price Increases in Borno, Enugu, Other Nigerian States
- NBS report shows that Borno State topped the petrol pricing list at N657.27 per litre for the month of July
- Consumers paid an average retail price of N600.35 for petrol across different parts of the country
- The North Central zone paid the highest average price for automotive diesel compared to other regions
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In several states in Nigeria, the price of fuel at the pump has been arbitrarily raised above the official post-subsidy levels.
Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) hinted there would be changes in the pump price of fuel in the country.
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The marketers urged President Bola Tinubu to progressively ease the withdrawal of subsidies on petrol, given the inability of importers to obtain US dollars and the effects this was having on businesses
Borno tops list for highest fuel prices
According to the National Bureau of Statistics' recent report titled, "Premium Motor Spirit (Petrol) Price Watch" for July 2023, Borno State topped the pricing list at N657.27 per litre, surpassing the post-subsidy adjusted official price of N600.35 per litre for the region by 9.5%.
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Abia State came in second with N643.15, followed by Gombe State with N642.22, overshooting the adjusted prices by 6.9%,
Consumers paid an average retail price of N600.35 for Premium Motor Spirit (Petrol) in July, which is a 215.95% increase over the amount reported in July 2022 (N190.01).
Diesel price increased in July
According to the NBS report on Automotive Gas Oil (Diesel) Pricing Watch for July 2023, Niger State topped the pricing chart at N892.50 per litre, an increase of 12.34% from N794.48.
Enugu State came third with N872.73 while Abia State came second with N890.63 as both states recorded an increase of 12.1% and 9.85%, respectively.
According to the NBS report, Edo, Kwara, and Benue states had the lowest retail prices for petrol at N530.00, N535.44, and N537.00, respectively.
The lowest retail prices for diesel were found in the states of Bayelsa, Anambra/Buckhi, and Ondo, at N683.20, N700.00, and N701.58, respectively.
While this was happening, the average price of Premium Motor Spirit, or PMS, increased year over year, or YoY, by 215.95% to N600.35 in July 2023 from N190.01 in the same month of 2022.
This occurs when the average retail price of automotive petrol oil (diesel) grew year over year, or YoY, by 2.60% to N794.48 per litre in July 2023 from N774.38 per litre in July 2022.
In July 2023, the retail price of a litre of petrol climbed by 9.99% from June 2023's N545.83 to N600.35, while the price of a litre of diesel dropped by 2.62% from June 2023's N815.83 to N794.48 in July 2023.
The North-East zone had the highest price for PMS, N630.13, while the North-Central zone had the lowest price, N551.58 according to the zonal representation of the average price of PMS.
Compared to other zones, the North Central zone has the highest average price for automotive petrol oil (diesel) at N863.10, while the South West zone has the lowest price at N759.45.
NNPC speaks on fuel price increase to N617 per litre, Lagosians pay less
Legit.ng earlier reported that Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited(NNPCL), has explained new fuel prices.
Kyari attributed the increase in fuel price from N540 to N617 per litre to market forces while assuring Nigerians that the policy was for the country's good.
He also explained that the petrol price will not be stagnant as the country now operates a market-regulated pricing model since the removal of the fuel subsidy.
Source: Legit.ng
