Prices of petroleum products sustain rising profile

Prices of National Household Kerosene, Automotive Gas Oil (Diesel) and refilling of Liquefied Natural Gas (Cooking gas) increased by 0.65 per cent, 0.65 per cent and 0.68 per cent respectively in the month of May, 2018.

This was disclosed by the National Bureau of Statistic (NBS) in its Petroleum Price Watch for the month of May.

According to NBS, average price per litre paid by consumers for National Household Kerosene increased by 0.65 per cent from N278.49 in April 2018 to N280.29 in May 2018.

States with the highest average price per litre of kerosene were Abuja, N327.50; Yobe, N313.33; and Cross River, N310.19, while states with the lowest average price per litre of kerosene were Borno, N233.33; Abia, N235.53; and Kogi, N251.04.

Similarly, average price per gallon paid by consumers for National Household Kerosene increased by N0.80 from N975.82 in April 2018 to N983.67 in May 2018.

States with the highest average price per gallon of kerosene were Jigawa N1143.33; Yobe, N1130.00; and Adamawa, N1088.89 and those with the lowest average price per litre of kerosene were Oyo, N907.66; Delta, N884.62; and Rivers, N834.09.

Also, average price paid by consumers for Automotive Gas Oil (diesel) increased by 0.65 per cent from N204.35 in April 2018 to N205.67 in May 2018.

States with the highest average price of diesel were Taraba, N253.33; Gombe, N227.50; and Kebbi, (N224.50, while those with the lowest average price of diesel were Nasarawa, N162.27; Abuja, N183; and Adamawa, N186.67.

Similarly, average price for the refilling of a 5kg cylinder for Cooking Gas increased by +0.68 per cent from N2,058.19 in April 2018 to N2,072.24 in May 2018.

States with the highest average price for the refilling of a 5kg cylinder for Cooking Gas were Bauchi, N2,500; Gombe, N2,500; and Borno, N2,428.57.

On the other hand, states with the lowest average price for the refilling of a 5kg cylinder for Cooking Gas were Kaduna, N1,687.50; Ebonyi, N1,690.00; and Ekiti, N1,795.00.

Likewise, average price for the refilling of a 12.5kg cylinder for Cooking Gas increased by 0.70 per cent from N4,268.95 in April 2018 to N4298.72 in May 2018.

States with the highest average price for the refilling of a 12.5kg cylinder for Cooking Gas were Benue, N5,150; Kaduna, N4,935; and Cross River, N4,687.50, while states with the lowest average price for the refilling of a 12.5kg cylinder for Cooking Gas were Oyo, N3,940.38; Ogun, N3,866.67; and Lagos, N3,683.33.

However, the average price paid by consumers for Premium Motor Spirit, (Petrol) decreased to N150.2 in May from N151.4 paid in April..

States with the highest average price of PMS are Borno, N166.08; Benue, N160.31; and Akwa Ibom, N159.44; while the states with the lowest average price are Katsina, N144.82; Kano, N144.87; and Bauchi, N144.93.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, said that the corporation is targeting 30 per cent market share of petroleum products distribution business in Nigeria’s Downstream Petroleum Sector by 2020.

Baru explained that the target would enable efficient products distribution and price stability across every nook and cranny of the nation, even as he added that by that time NNPC Retail Limited would also extend its businesses to other neighbouring states in the West African sub-region.

According to him, re-branding the four companies also prepares them for more competitiveness in the downstream sub-sector, in line with the corporation’s 12 Business Focus Areas (BUFAs).

He informed that the NNPC was committed to ensuring that PPMC as a flagship national products marketing company becomes more profitable and crucial to meeting the nation’s energy demands.

Baru added that NNPC was working assiduously towards bequeathing an NPSC that would brim with revamped infrastructure for efficient storage and distribution of petroleum products across the nation, thereby ensuring supply reliability and energy security.