Gasoline prices see mild moderation in August, SNB data shows –


The average retail price paid by consumers for Premium Motor Spirit, also known as “petrol”, fell for the first time in four months, according to the National Bureau of Statistics (NBS).

The average retail price of gasoline in August 2022 decreased by 0.29% to 189 naira from 190 naira in the previous month.
According to a monthly analysis, the average price of petrol increased by 14.89% from 165 naira per liter in August last year.
Kaduna State had the highest average retail gasoline price at N211, followed by Jigawa at N210 and Ebonyi at N206.
On the other hand, Ogun had the lowest average retail price for gasoline with N177.8, followed by Delta with N178 and Bauchi with N178.50.

Additionally, the analysis by area showed that the North West recorded the highest average retail price in August 2022 at N199.73, while the North East had the lowest at N178.93.

Ekoh Jeremiah, a resident of Satellite Town, Lagos, told BusinessDay that he brought a 25 liter petrol can for N4,700 yesterday. This indicates it was being sold for 180 a litre.

Also read: Businesses and households groan as diesel prices soar 209.5% in one year

On the other hand, Idu Raphael, a member of the corps, serving in Ibadan, Oyo State, said that the price of petrol had increased by 30 naira in his area. He told BusinessDay he brought petrol on Monday for N186 a litre.

Analysts say several factors, including the cost of importing and unplanned outages, can sometimes explain different prices across the country.

Etulan Adu, an oil and gas expert, said truck drivers from the Nigerian Union of Oil and Gas Workers (NUPENG) went on strike over high charges during stop and search operations by officers security along the highway leading to Port Harcourt.

This led to many gas stations raising prices before the situation was resolved.
In addition, the BNS report on Foreign Merchandise Trade Statistics for the second quarter of this year revealed that Nigeria spent N948 billion on imported gasoline, accounting for 17.46% of total import share. in the country during the period.

Last month, Mele Kyari, the group managing director of the Nigerian National Petroleum Company (NNPC) Limited, said the country would end the importation of petroleum products by June next year relying on the implementation of service of the Dangote refinery.

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