Residents of Ebonyi, Enugu and Cross River States recorded the highest average price of premium motor spirit (petrol) in March 2022, this was revealed by the National Bureau of Statistics (NBS) in its monthly price monitoring report released on Wednesday.
According to NBS , the average retail price paid by consumers of petrol in Nigeria increased to N185.30 in March 2022, indicating a 7.31% increase when compared to the value recorded in March 2021 (N172.68).
The NBS’s review on month-on-month basis showed that the average retail price of petrol increased from N170.42 in February 2022 showing an increase of 8.73% when compared to the average retail price paid by consumers in March 2022.
On state profile analysis Enugu state recorded the highest average retail price for Petrol, with N218.33 per litre, followed by Ebonyi and Cross River with N215.00 and N214.41 respectively.
Residents of Nasarawa States bought petrol for N165.45 per litres in March being the lowest average retail price in the period under review. Meanwhile Jigawa and Benue states followed Nassarawa with N165.71 and N165.50 respectively.
The NBS review also noted that the South-East zone recorded the highest average retail price for petrol with N210.846 while the North-Central had the least average retail price with N168.40.
The NBS review for March also showed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers across Nigeria, increased by 129.10% from N235.41 in March 2021 to N539.32 being the value recorded in March 2022.
On a month-on-month basis, the average retail price increased from N311.98 in February 2022 indicating a rise of 72.87% when compared to the average retail price paid in March 2022.
On state profile analysis, the state with the highest average price for Diesel in March 2022 was Ekiti with N672.14 followed by Lagos and Abia with N668.75 and N645.00 respectively.
On the other hand, the state with the lowest average price was recorded in Bauchi with N408.00 followed by Borno with N432.00 and Yobe with N412.00.
In addition, zone analysis shows that the average price of Diesel was highest in the South-West with N619.11 while the North-East had the lowest price with N450.17.
Liquefied Petroleum Gas (Cooking Gas)
The NBS review showed that the average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) stood at N3778.30 in March 2022 from N3708.58 recorded in February 2022. This showed an increase of 1.88 percent month-on-month.
The review on year-on- year basis showed that the average retail price for Cooking Gas increased by 83.62 percent from N2057.71 in March 2021.
According to state profile analysis, the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was recorded in Ekiti with N4200.00, followed by Niger with N4163.33 and Imo with N4150.00.
On the other hand, Adamawa recorded the lowest average price with N2604.01 this was followed by Yobe and Kano with N2740.00 and N3300.00 respectively.
In addition, prices analyzed by zones shows that average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was highest in the South-East with N3992.56 followed by South-West with N3900.55 and South-South with N3877.08, while North-East recorded the lowest average retail price was the with N3419.37.