Retail Petrol Price Rises to N173 in May as Diesel Jumps 181% in a Year – Arise News

Nigeria’s National Bureau of Statistics (NBS) said the average retail price paid by consumers for petrol rose to 173.08 naira in May.

The NBS Premium Motor Spirit Price Watch for May 2022, which was released in Abuja on Saturday, said the increase indicates an increase of 2.99% from the value recorded in May 2021 at N168.06.

“Similarly, on a monthly basis, the average retail price of the product increased by 0.27% from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022.”

On state profile analysis, the report states that the highest average retail price for gasoline was recorded in Abia State with N193.20, followed by Imo State and Cross River State with N188.24 and N187.65, respectively.

“On the other hand, the lowest average retail price for gasoline was recorded in Ogun State with N165.00 followed by Yobe and Benue States with N165.36 and N165.50, respectively. .”

The report showed that the highest average retail price was recorded in the South East zone with N186.24, while the North Central had the least with N168.20.

The NBS revealed in its automotive gas oil (diesel) price monitoring report for May 2022 that the average retail price of diesel fuel paid by consumers increased by 181.00% from N238.82 in May 2021 to 671.08 naira in May 2022.

“On a monthly basis, the average retail price increased from N654.46 in April 2022, indicating a 2.54% increase from the average retail price paid in May 2022.”

On an analysis of the state profile, the report found that the state with the highest average diesel price in May 2022 was Ekiti with N716.15, followed by Osun and Oyo with N716.00 and N707.33 , respectively.

On the other hand, he said the state with the lowest average retail price was Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44, respectively.

The report says the area analysis showed that the average diesel price was highest in the South West at 705.60 Naira, while the North East had the lowest price at 639.00 Naira. .