NBS releases petrol price gaps, Borno highest at N166.08 per litre

The price of premium motor spirit, otherwise called petrol, has been reported to be selling for as high as N166.08 per litre in Borno State.

The National Bureau of Statistics disclosed the figure, which is higher than the official pump price of N145 per litre.

According to the NBS, the data, which was pegged in May 2018, is also above the average petrol price of N150.2 per litre.

The figures reported that Kastina recorded the lowest price at N 144.82 per litre.

The NBS revealed that the average petrol prices per region were: North West (N151.34), North East (N153.67), North Central (N149.58), South West, N145.97, South South (N151.60), and South East (N148.45).

It added that the average price paid by consumers for petrol decreased by 0.3 per cent year-on-year and 0.8 per cent month-on-month to N150.2 in May 2018, from N151.4 in April 2018.

In the aggregate, states with the highest average price of premium motor spirit were Borno (N166.08), Benue (N160.31) and Akwa Ibom (N159.44).

On the other hand, states with the lowest average price of premium motor spirit were Katsina (N144.82), Kano (N144.87) and Bauchi (N144.93).

The Managing Director of Petroleum Products Marketing Company (PPMC) Mr. Umar Ajiya was quoted to have said that the daily truck-outs from the depots had been increased from 1,733 trucks to 2000 trucks per day.

The PPMC boss called on marketers to desist from hoarding and diversion of petroleum products to neighbouring countries.

He stressed that the corporation was working hand-in-hand with the Department of Petroleum Resources (DPR) and other security agencies to sanction defaulting marketers.

The NBS report added that generally, real growth of the oil sector was 14.77 per cent (year-on-year) in Q1 2018. This represents an increase of 30.37 per cent points relative to rate recorded in the corresponding quarter of 2017.

The non-oil sector grew by 0.76 per cent in real terms during the reference quarter, the report added.

This is higher by 0.04 per cent point compared to the rate recorded in same quarter of 2017, and 0.70 per cent point lower than the fourth quarter of 2017.

The report added that Nominal Gross Domestic Product (GDP) growth of manufacturing in the first quarter of 2018 was recorded as 8.93 per cent (year-on-year).

It was 7.70 per cent points lower than figures recorded in the corresponding period of 2017 (16.63 per cent) and 0.27 per cent points lower than the preceding quarter figure of 9.20 per cent.

It recalled that in January this year, the Nigerian National Petroleum Corporation (NNPC) said it had deployed more of its depots and other throughput facilities to enforce the N133.28 per litre ex-depot price of petrol to marketers directly.