Several Nigerian states are grappling with arbitrary hikes in petrol pump prices that exceed the officially adjusted post-subsidy rates, according to the latest findings from the National Bureau of Statistics (NBS).
The NBS’s “Premium Motor Spirit (Petrol) Price Watch” report for July 2023 unveiled the disconcerting trend.
Borno state emerged as the frontrunner on the price scale, with petrol priced at N657.27 per litre, surpassing the post-subsidy adjusted official rate of N600.35 per litre for that region by 9.5 percent.
Abia state followed closely with a rate of N643.15, and Gombe state secured the third spot at N642.22, both exceeding adjusted prices by 7.13 percent and 6.9 percent, respectively.
Simultaneously, the NBS report on “Automotive Gas Oil (Diesel) Price Watch” for July 2023 unveiled that Niger state held the top position on the price chart for diesel, with rates reaching N892.50 per litre. This marked an increase of 12.34 percent from N794.48.
Following suit, Abia state registered a rate of N890.63, while Enugu state ranked third with N872.73, reflecting increases of 12.1 percent and 9.85 percent, respectively.
However, states like Edo, Kwara, and Benue experienced the lowest retail prices for petrol at N530.00, N535.44, and N537.00, respectively, according to the NBS report.
For diesel, Bayelsa, Anambra/Bauchi, and Ondo states had the most budget-friendly rates at N683.20, N700.00, and N701.58, respectively.
In parallel, the average price of Premium Motor Spirit (PMS) surged significantly year-on-year, skyrocketing by 215.95 percent to N600.35 in July 2023, compared to N190.01 recorded in the corresponding period of 2022.
Meanwhile, the average retail price of Automotive Gas Oil (diesel) experienced a more modest year-on-year increase of 2.60 percent, reaching N794.48 per litre in July 2023 from N774.38 per litre in July 2022.
Breaking down the monthly changes, the retail price for a litre of petrol jumped by 9.99 percent to N600.35 in July 2023 from N545.83 in June 2023.
In contrast, the price of diesel decreased by 2.62 percent on a monthly basis, dropping to N794.48 in July 2023 from N815.83 in June 2023.
The zonal analysis of the average PMS price unveiled that the North-East zone held the highest price at N630.13, while the North-Central zone boasted the lowest price of N551.58.
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