The average price paid by consumers for premium motor spirit otherwise known as petrol exceeded the regulatory pump price of N145 in 22 states in January, according to state-funded data agency, the National Bureau of Statistics (NBS).
Meanwhile, the automotive gas oil (diesel) report released by NBS revealed that average cost of diesel grew 1.59 percent month-on-month and 5.27 percent year-on-year to N225.09 in January 2019 from to N221.56 in December 2018.
The number of states that sold petrol above N145 regulatory pump price increased by three in January compared with 19 states in December 2018.
The average price of petrol in January stood at N145, the lowest price in 14 months since December 2017.
Average price paid consumers for the product contracted by 23.7 percent year-on-year to N145.7 in January from N190.9 in the comparable month of 2018, and also dipped marginally by 0.1 percent in January from N145.8 a month prior.
Oyo, a South-western state, recorded the highest average price at N150.5, indicating a 24.44 percent contraction from N199.17 in January 2018, and 3.40 percent appreciation over N145.54 reported in the last month of 2018.
Benue reported the second highest average price at N150.09, while Taraba, which sold the highest in December 2018, came third with an average price of N150.
States with the least average prices in January 2019 include Yobe (N144), Bauchi (N144) and Jigawa (N144.20). These three states recorded contraction year-on-year as well as month-on-month bases.
Across regions, the average price in the six geo-political zones of the Federation is above N145 regulatory price, with the North-east recording the highest price at N147.08 and South-South & South-east having the least price – N145.11.
Taraba, the third-largest Nigerian-state by land area had the largest average price in the North-east at N150 while Yobe sold the least – N145.
Kaduna and Zamfara had the highest and lowest average prices at N146.22 and N144.56 respectively in the North-west.
In the North-central, Plateau recorded the highest at N146.42 and Abuja with the lowest at N144.20.
In the South-west, Oyo (N150.50) had the highest average price while the least price was sold in Ekiti and Ondo for N144
Imo and Abia had the highest and lowest average price, which stood at N145.62 and N144.65 respectively in the South-east.
Rivers sold the highest at N145.35 in the South-south while Cross-river recorded the least price at N144.69
It can recalled that in May 2016, the Federal Government jerked up the pump price of fuel from N86.50 to N145 with the motive of boosting fuel availability, encourage investment in refineries and downstream and prevent diversion of petroleum products.
The presidential candidate of the People’s Democratic Party, Abubakar Atiku, has vowed to privatise the Nigerian National Petroleum Commission (NNPC) and cancel petrol subsidy, if elected.
Report for diesel showed that Kwara had the highest average price of diesel at N249.00, while Borno at N243.67 and Ebonyi at N239.29 ranked the 2nd and 3rd places diesel sold dear nationwide.
On the other hand, states with the lowest average price of diesel were Adamawa N197.50, Rivers N201.86 and Ekiti N203.57 while Lagosians paid N230.79, an increase both month-on-month and year-on-year of 3.3 percent and 8.7 percent respectively.
The report shows that in January, it cost about N3.5 more to obtain diesel in the southern region of the country than the northern region as South Easterners paid N231.29, the most of any of the six geopolitical zone.
Automotive Gas Oil was cheapest in the insurgency-afflicted North East region at N221.86 although in Borno state diesel cost averaged N243.67 in January.
The report further shows that Diesel price rose some 4.02 percent from January to December last year, peaking at N221.56 in December although it dipped lowest in July to N204.32.
