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Petrol price drops by 1.2% YoY in September —NBS

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By Adaeze Okechukwu

NATIONAL Bureau of Statistics, NBS, has disclosed that the average price paid by customers for premium motor spirit, PMS, otherwise known as Petrol, in September 2017 declined by 1.2 per cent year-on-year, YoY, to N144.5.

In a report released, yesterday, NBS, however, noted that the PMS price increased marginally on a month-on-month, MoM, basis by 0.1 per cent from N144.4, which was the average price in August 2017.

According to the report, Yobe, Bayelsa and Taraba States recorded the highest average price of petrol with N149.7, N147.1 and N146.1, respectively, during the month in view. On the other hand, Abuja, Osun and Ondo recorded the lowest average petrol price at N142, N142.8 and N142.9, respectively.

The bureau also stated that the average price per litre paid by customers for national household kerosene, in September, decreased by 8.33 per cent, YoY, to N264.48, but increased by 17.28 per cent, MoM, from N225.52 recorded in August. During the month, the states with the highest average price per litre of kerosene were Plateau, N316.67; Yobe, N294.44; and Kaduna, N294.12; while the states with the lowest average prices were Abia, N240.56; Edo, N240; and Ekiti, N233.33.

NBS further disclosed that the average price paid by consumers for automotive gas oil (diesel) stood at N184.80, in September, indicating a 5.83 per cent decline from N196.23 recorded in the preceding month. It noted, however, that the price for diesel increased by 4.1 per cent, YoY.

The report stated: “The states the highest average price of diesel were Gombe (N202.5), Taraba (N198) and Zamfara (197.91). States with the lowest average price of diesel were Plateau (N176.67), Adamawa & Kogi (N175) and Kwara (N175)

“Meanwhile, average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by 1.4 per cent (YoY) and 3.98 per cent (MoM) to N1, 911.44 in September from N1, 990.71 recorded in August.

“The states with the highest average price for the refilling of a 5kg cylinder cooking gas were Taraba, Gombe and Abuja, while states with the lowest average price were Jigawa, Katsina and Kaduna & Kano. Similarly, average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by 2.6 per cent (MoM) and 3.4 per cent (YoY) to N3, 937.71 in September 2017 from N4, 042.85 in August 2017.

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