Premium Motor Spirit (PMS), otherwise known as petrol, Automotive Gas Oil (diesel), kerosene and Liquefied Petroleum Gas (cooking gas) all experienced a drop in prices for the month ending July 2018.
According to a report published by the National Bureau of Statistics (NBS), the crude oil by-products each experienced a month-on-month drop in their prices when compared with the preceding month of June.
Petrol decreased by -0.09 percent, bringing its average price for July to N146.80, a slight decrease when juxtaposed with N148.10, which was the price of petrol in June.
Looking at the states individually, Borno State comes on top with an average of N155.00 per litre, making it the state with the highest price, while Gombe at N142.79 per litre has the cheapest average of all the states.
Diesel also experienced a slight month-on-month drop of -0.32% from June to July, resting at N204.32. With N247.50, Borno State has the highest average price for purchasing diesel, while Nassarawa State goes below the average at N175.83.
The report by the NBS also shows that kerosene, which is the most accessible means of cooking in Nigeria, dropped slightly in its price by -1 percent between the months of June and July, reaching a new price of N276.87 from N279.67 per litre.
Yobe State goes above the average with N310 per litre while Kogi goes below average at N238.89 per litre, making them the states with the highest and lowest prices, respectively.
Average price per gallon of kerosene also dropped by -0.41 percent to N1000.19 for the month of July. Borno State has the highest price at N1130, while Rivers State has the lowest price at N921.05.
Further analysis of the report also showed that Liquefied Petroleum Gas popularly known as Cooking Gas, had the largest price drop for the month of July, dropping by -1.20%. The average price for the month was N2,314 for a 5kg fill up. Bauchi State had the highest price per refills with N2,401.43, while Ebonyi State had a refill price of N1,700.
For a 12.5kg refill, there was also a drop in price by -0.81%, which saw the price of the Petroleum by product retail for N4,244.35. Benue State sold at the highest price at N4,775.00, while Lagos State had the lowest selling price at N3,615.38.
