At N332.14 Per Litre, Imo Residents Paid Highest Price For PMS In January—NBS
Residents of Imo paid the highest price to buy Premium Motor Spirit popularly called petrol in the month of January this year, a report released by the National Bureau of Statistics has revealed.
The report which was released on Monday was obtained by THE WHISTLER from the NBS.
It said during the month of January, Nigerians paid an average price of N257.12 to buy a litre of petrol, adding that this is 54.24 per cent higher than the N166.60 which the product was sold in January of 2022.
Based on the pricing template from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the regulated price of PMS is currently between N185 and N195 per litre.
The NBS report stated that while Imo recorded the highest price for the purchase of petrol, it is followed by Rivers with N327.14 and Akwa Ibom with N319 per litre.
On the other hand, the report stated that Sokoto recorded the lowest average retail price for PMS with N191.43, followed by Plateau with N192.14 and Borno with N193.91.
It reads, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022 (N166.40).
“Likewise, comparing the average price value with the previous month (i.e. December 2022), the average retail price increased by 24.7 per cent from N206.19. On state profile analysis, Imo state had the highest average retail price for Premium Motor Spirit (Petrol), with N332.14, followed by Rivers with N327.14 and Akwa Ibom with N319.00.
“On the other hand, Sokoto recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N191.43, followed by Plateau with N192.14 and Borno with N193.91.
“In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with N307.85, while the North-Central had the lowest with N217.15.”
The month of January was the period when Nigerians experienced distribution gap in the supply of petroleum products.
THE WHISTLER had reported that Nigeria’s energy giant, the Nigerian National Petroleum Company Limited has supplied 404.7 million litres of fuel across Africa’s most populous nation.
The development is coming amidst the 2023 presidential poll which holds five days, February 25, 2023.
The company said it has dispatched a total of 7,421 trucks with fuel across the 36 states and Abuja.
The Group Chief Executive Officer of the oil giant, Mele Kyari had told Nigerians that sufficient PMS products has been shipped to serve throughout the electioneering period.
The NNPC boss had revealed that the company is capable of bridging the energy gap saying it has the capacity to supply 60 million litres daily for 28 days.
Based on the weekly evacuation data for February 11 to 17, 2023, released by the Nigerian Midstream Downstream Petroleum Regulatory Authority, the NNPC Ltd has recorded a daily average of 57.81 million daily evacuation average.
NNPC’s effort is aimed at eliminating fuel queues at filling stations across the country.
According to the report, 64 marketers participated in the evacuation of the products led by Pinnacle-Lekki which evacuated 52.8 million litres, NIPCO evacuated 25.23 million litres and Matrix which evacuated 24.88 million litres.
According to the regulator, 83 per cent of the evacuation took place at 27 top loading depots.
Lagos had the highest truck evacuation of 1,962 trucks, FCT 731 trucks, Oyo State 558 trucks, Ogun State 469 trucks and Delta State 462 trucks.