Consumers paid more for petroleum products in December, says NBS

Prices of petroleum products including Premium Motor Spirit (PMS) also known as petrol, Household Kerosene, and Automotive Gas Oil (AGO) or diesel, increased by over 6.32 per cent in December, the National Bureau of Statistics (NBS) has disclosed.

Specifically, consumers of petrol in Abia, Kebbi, and Anambra states paid an average of N220.4, N210.08 and N210 per litre respectively during the Yuletide, others like Zamfara N250; Yobe N270; and Taraba N266.67 recorded the lowest prices

Also, the average price per litre paid by consumers for Household Kerosene rose from N267.14 in November to N284.03 in December 2017, while diesel also increased by 4.87 per cent from N199.26 to N205.81 during the review period.

States with the highest average price of diesel were Kaduna N250.63; Adamawa N235; and Taraba N227, while those with lowest average prices were Bayelsa N184; Akwa Ibom N187.78; and Zamfara N190.

Despite the increases in petrol, kerosene, and diesel, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (LPG) or cooking gas decreased by -4.84 per cent from N2,377.81 in November to N2,262.79 in December 2017.

States with the highest average price for the refilling of a 5kg cylinder for Cooking Gas were Benue N2,666.67; Oyo N2,664.29; and Taraba N2,500.00, while Plateau N2,060.00; Ekiti N2,062.50; and Cross River N2,093.75, experienced the least.

Similarly, average price for the refilling of a 12.5kg cylinder for Cooking Gas decreased by -1.97 per cent from N4,542.30 in November to N4,452.83 in December 2017

Consumers in Cross River paid N4,800.00; Imo N4,771.43; and Abia N4,677.78, recorded the highest price for refill, while those in paid Osun N4,200.00; and Yobe N4,200.00 to refill their 12.5Kg cylinders.

NBS said for the data collection, field work was done solely by over 700 staff in all states of the federation, supported by supervisors who were monitored by internal and external observers.

“Fuel Prices are collected across all the 774 local governments across all states and the Federal Capital Territory (FCT) from over 10,000 respondents and locations, and reflect actual prices households said they actually bought those fuels together with the prices reportedly sold by the fuel suppliers. The average of all these prices is then reported for each state, and the average for the country is the average for the state.”

Meanwhile, Spokesman for the Nigerian National Petroleum Corporation (NNPC), Ndu Ughamadu, said the Corporation has deployed more of its depots and other throughput facilities to enforce the N133.28 Ex-Depot price of petrol on marketers directly.

He added that the throughput facilities along with some of its coastal depots would go a long way in ensuring that marketers accessed PMS at the approved government price.

He maintained that NNPC had adequate supply of petrol, and cautioned against panic buying.