By Prince Okafor, Nkenta Oluchi & Joseph Oso

The average price of petroleum products dropped by three percent in July, this year, indicating that Nigeria’s economy recorded improvement during the period.

This was disclosed by the National Bureau of Statistic, NBS, in its latest report released yesterday.

In the report, the NBS noted that, the average price paid by consumers for premium motor spirit, PMS, popularly known as petrol, increased by 0.3 percent year-on-year and decreased by 1.4 percent month-on-month to N148.2 in July 2017 from N150.3 in June 2017.

According to the report, Yobe, Borno and Adamawa States had the highest average price of petrol, N170, N160.50 and N160 respectively.

It stated that states with the lowest average price of premium motor spirit (petrol) were Bauchi (N145.4), Lagos (N145.3) and Abuja, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Ekiti, Kaduna, Kano, Katsina, Kebbi, Ogun, Ondo, Osun and Sokoto (N145.0).

Similarly, the report stated that, the average price paid by consumers for automotive gas oil (diesel) also decreased by 6.08 percent month-on-month and 4.32 percent year-on-year to N197.62 in July 2017 from N210.42 in June 2017.

States with the highest average price of diesel were Adamawa (N230) Taraba (N228.57) and Sokoto (N222.86). While states with the lowest average price of diesel were Oyo (N168.67), Delta (N180.00) and Ogun (N180.08).

Also, the average price per litre paid by consumers for National Household Kerosene decreased by 2.36 percent month-on-month and by 9.60 percent year-on-year to N280.49 in July 2017 from N287.27 in June 2017.

States with the highest average price per litre of kerosene were Taraba (N352.56), Imo (N339.29) and Bayelsa (332.14) as Kano, Sokoto and Oyo had the lowest average price per litre of the product at N244.87, N195.24 and N248.04 respectively.

The report further stated that average price per gallon paid by consumers for kerosene decreased by 1.22 percent month-on-month and by -3.21 percent year-on-year to N982.90 in July 2017 from N995.07 in June 2017.

While Kebbi, Niger and Kano state had the highest average price per gallon of kerosene at N1,193.75, N1,170 and N1,143.57 respectively, Kogi (N826.92), Kwara (N812.14) and Benue (N756.67) were states with the lowest average price per litre of kerosene.

The NBS also indicated that, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.46 percent month-on-month and 7.49 percent year-on-year to N2, 226.21 in July 2017 from N2, 215.96 in June 2017.

“States with the highest average price for the refilling of a 5kg cylinder for cooking gas were Bauchi (N2,400.00), Taraba (N2,376.34) and Adamawa (2,375.00).

“States with the lowest average price for refilling of a 5kg cylinder for Cooking gas were Kogi (N2,100.98), Ekiti (N2,075.00) and Delta N1,771.43).”

The report also stated that: “Average price for the refilling of a 12.5kg cylinder for cooking gas decreased by 2.25 percent month-on-month and increased by 0.36 percent year-on-year to N4,374.16 in July 2017 from N4,474.91 in June 2017.

“States with the highest average price for the refilling of a 12.5kg cylinder for cooking gas were Anambra (N5,090), Adamawa (N4,875) and Akwa Ibom (4,833.33).

“States with the lowest average price for the refilling of a 12.5kg cylinder for cooking gas were Sokoto (N3,900.21), Lagos (N3,894.12) and Edo (N3,861.54).”