By Tony Obiechina, Abuja
Residents of Imo paid the highest price to buy Premium Motor Spirit popularly called petrol in the month of January this year, according to a report released on Monday by the National Bureau of Statistics (NBS).
The report further stated during the month under review, Nigerians paid an average of 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 Group Managing Director of Nigeria National Petroleum Company Limited (NNPC), Mele Kyari had assured Nigerians that sufficient PMS products had been shipped to serve throughout the electioneering period.
He also 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.
