- Nigerians paid an average retail price of N202.48 per litre of fuel in November 2022
- Kwara, Enugu and Gombe states emerged states where the product was sold for the highest average retail price
- Even though fuel queues have reduced at filling stations, the pump price, however, remains on the high side
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Ekiti, Akwa Ibom and Delta States emerged as the states where Premium Motor Spirit, better known as Petrol was sold for the cheapest prices across Nigeria.
This is according to the Premium Motor Spirit (Petrol) Price Watch for November 2022, recently released by the National Bureau of Statistics. The report which is collated by hundreds of NBS staff across all the 774 local governments across all States and the FCT from over 10,000 respondents and locations reflects actual prices households state they actually bought those fuels together with the prices reportedly sold by the fuel suppliers.
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According to the report, in Ekiti, Akwa Ibom and Delta States, petrol was sold at the lowest average retail prices of N189.06, N189.33 and N190.00, respectively. On the other hand, Kwara, Enugu and Gombe states emerged states where the product was sold for the highest average retail price at N217.14, N215.71 and N215.00, respectively.
In terms of the zone, the North-Central zone had the highest average retail price of N207.35, while the South-South zone had the lowest price of N194.58.
On a year-to-year comparison, the average retail price paid by consumers for the product in November 2022 was N202.48, indicative of a 29.81% upward tick when compared to the average retail price recorded in November 2021. On a month-to-month basis, the average retail price pushed upward by 3.68% from N195.29.
Top 10 States with the cheapest petrol in November 2022
Top 10 States with the costliest petrol in November 2022
Fuel scarcity and price hike
A few weeks ago, Nigerians woke up to another fuel scarcity with long queues at filling stations across many parts of the country. They begin to wonder if is this going to be another round of the fuel scarcity that has plagued Yuletide seasons in about 6 of the last 8 years.
Even though the queues have reduced in the past few days courtesy of the intervention of the Nigerian National Petroleum Company Limited (NNPCL) and the Department of State Security Services, the price of the product has however skyrocketed to as much as N270.00 in some filling stations.
NNPCL say N170 per litre price no longer sustainable
From all indications, the N170 per litre pump price of petrol in Nigeria is no longer sustainable. This is according to a statement made by the Group Chief Executive Officer of Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari when he delivered a keynote address before the House of Representatives committee on anti-corruption in November.
Kyari claimed that market conditions have forced the cost of landing petrol upward to about three times the value of the current price sold at filling stations and that with the current subsidy regime, cross-border smuggling and other criminal activities were inevitable.