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NBS affirms higher fuel costs in December

By Matthew Ogune, Abuja
20 January 2022   |   2:49 am
Although the retail price of Automotive Gas Oil (Diesel) paid by consumers presently sells for N350 a litre and more in other states, the National Bureau of Statistics...

A petrol pump nozzle is used to pump petrol at a station PHOTO: REUTERS/Shannon Stapleton

Although the retail price of Automotive Gas Oil (Diesel) paid by consumers presently sells for N350 a litre and more in other states, the National Bureau of Statistics (NBS) has revealed that the commodity increased by 28.97 per cent on a year-on-year basis from a lower cost of N224.37 per litre recorded in November of last year to a higher cost of N289.37 per litre in December 2021.

A report released by the NBS disclosed that on a month-on-month basis, an increase of 4.15 per cent was recorded from N277.83 in the preceding month of November to an average of N289.37 in December 2021.

Looking at the variations in the state prices, the top three States with the highest average price of the product in December include, Enugu N349.29, Borno N340.00 and Oyo N326.25.

Furthermore, the top three lowest prices were recorded in the northern region: Kebbi, Yobe and Katsina State with N232.36, N226.61 and N225.00 respectively.

The zonal representation of average price of Automotive Gas Oil (Diesel) shows that South-East has the highest price of N307.35, while North West has the lowest price N263.65 when compared with other zones.

Also, the Bureau disclosed that the average price paid by consumers for Premium Motor Spirit (petrol) increased by 0.04 per cent on year-on-year basis to N165.77 in December 2021 when compared to the valued in December 2020, which is N165.70.

The value according to the NBS, decreased on month-on-month basis to N165.77 in December 2021 from N167.60, showing a decrease of -1.09 per cent when compared to the value recorded in November 2021.

States with the highest average price of premium motor spirit (petrol) were Ebonyi N170.43, Kogi N168.92 and Jigawa N168.80.

States with the lowest average price of premium motor spirit (petrol) were Kano N163.57, Ogun N163.00, and Zamfara N167.50.

Likewise, the highest average price was recorded in the South East zone N167.38 while the South West had the least average price N164.87 in December.

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