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HomeTop NewsNigerians paid 6.2% more for petrol in June, says NBS

Nigerians paid 6.2% more for petrol in June, says NBS

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By Samuel Bankole

Nigerians consumers of Premium Motor Spirit (PMS) also known as petrol paid an average of N175.89 per litre in the month of June compared with N165.61 a litre a year ago, according to the latest report by the National Bureau of Statistics (NBS) on Wednesday.

The NBS report showed that petrol was 6.21 per cent more expensive than it was in June 2021.

On a month-on-month basis, the product was 1.63 per cent more expensive in June compared with the price paid in the previous month of May, the report stated.

Consumers paid N173-08 per litre in the month of May for petrol at the filling stations.

However, the report showed that there is disparity in prices paid for petrol from state to state across the country.

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For instance, consumers paid an average of N195.55 per litre for fuel in Sokoto, which was the highest in the country at the time while people in Kaduna and Adamawa paid an average of N190.80 per liter for fuel in June.

Consumers in Ogun and Kebbi States paid the lowest price of N165 and N165.20 per litre for fuel in the month of June, which was within the official recommended price by the petroleum industry regulator.

The report also showed that “the highest average retail price was recorded in the North-East zone with N182.67, while the North-Central had the least with N167.36.”

Prices of the product have been hiked by marketers across the country to N170 and N190 per litre after a prolonged fuel scarcity, which resulted in long queues across the country.

Although there has not been an official statement on the new petrol prices, many filling stations across the country have adjusted their pump meters to the new price range.

The rising cost of fuel has continued to impact negatively on the cost of living in the country and contributed to the erosion of the standard of living.

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