"Borno N657/Litre": Nigerian States, Zones With Highest Petrol Prices as Cost Soars by 152 Per Cent
- Nigeria witnessed a surge in the retail price of petrol for June 2023
- A report by the National Bureau of Statistics shows that the cost of the product surged by 152%
- A state analysis shows that Borno, Abia, and Gombe states recorded the highest petrol prices
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The average price of petrol rose by a whopping 152% since the subsidy was removed on the product in May 2023.
Data from the National Bureau of Statistics (NBS) said that the average price per litre rose from N238.11 per litre before the removal to N600.35 in July.
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June witnesses the highest price increase
Monthly, it rose by 9.99% from N545.83 in June this year.
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President Bola Tinubu announced the removal of subsidies from the product during his inaugural address on May 29 this year to enhance the competitive environment and create a market driven by forces of demand and supply.
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N657 per litre: Fuel price increases the most in Borno, Abia, other Nigerian states in July
The President also provided palliatives to alleviate the effect of the removal on Nigerians.
BusinessDay reported that petrol marketers cited the challenges of importation and difficulty in accessing Forex for the product's high price.
The Nigerian National Petroleum Company Limited (NNPC) injected a $3 billion loan secured from AfreximBank into the economy.
Nigerian states and zones with the highest petrol prices
A state-by-state analysis of petrol prices shows that Borno State had the highest average retail price at N657.27. Abia and Gombe States came next with N643.13 and N642.22, respectively.
Edo, Kwara, and Benue states had the lowest average retail prices at N530.00, N535, and N537, respectively.
On the zonal level, the North East had the highest retail price at N630.13, and the North Central Zone recorded the lowest price at N551.58, the report stated.
Marketers rule out further price increase
In an interview with Legit.ng, the National Chairman of Independent Petroleum Marketers of Nigeria (IPMAN), Chinedu Okoronkwo, said that the association is not considering further price increases.
He said the AfreximBank loan to NNPC will go a long way to help marketers with importation.
According to Okoronkwo, the market remains deregulated and is primarily affected by Foreign exchange.
"You are aware of the NNPC loan from AfreximBank. That will go a long way," Okoronkwo told Legit.ng on the phone.
"630/Litre": Lagos petrol stations shut amid rise in depot, landing costs as marketers demand subsidy
Legit.ng reported that following the assurance by President Bola Tinubu that there will be no further increases in petrol prices in Nigeria, oil marketers are demanding some subsidies to cushion the effect of rising import prices.
The development comes as the marketers say that depot prices have exceeded the pump price of the product.
A report by Punch says that the Nigerian government may be paying an undisclosed amount to marketers as a subsidy to halt further price hikes.
Source: Legit.ng
