The National Bureau For Statistics, NBS, says residents in Imo State paid the highest price for Premium Motor Spirit, otherwise petrol in the month of January.
Between December 2022 and February, 2023, fuel was sold for N350 to N420 per litre in Imo State.
The price per litre however went down to N375 per litre in mid February.
According to the report,Rivers and Akwa Ibom States trailed Imo State in purchasing petrol at a high price.
A litre was sold for N327.14 and N319 per litre in those states respectively.
The NBS report noted that 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 report stated that Sokoto State 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 report stated.
