Nigerians spend average N150 on petrol, N205.67 for diesel in May

Nigerian consumers of the Premium Motor Spirit (PMS) or petrol, as it is popularly called, paid an average N150.2 per litre for the product in May.

This is -0.8 percent less than the average N151.4 paid in the previous month from N163.4 recorded in March 2018, as compiled from the National Bureau of Statistics (NBS) figures.

The average price of petrol also decreased by 0.3 percent when compared to the average price of N150.7 recorded for May 2017.

Though the maximum price of petrol is capped at N145 per litre by the government, the NBS figures show Nigerians bought the product at an average price of N150.2 in the month under review. The consumers therefore paid N5.2 more than the official price from the government.

Also, in a report titled, ‘Automotive Gas Oil (Diesel) Price Watch’ which was published on the NBS website on Tuesday, May 12 2018, the bureau said the average price per litre paid by consumers for diesel increased by 0.65 percent month-on-month and decreased by – 4.91 percent year-on-year to N205.67 in May 2018 from N204.35 in April 2018.

A breakdown of both reports showed states where Nigerians paid highest and lowest prices for both petrol and diesel for the month of May.

States with the highest average price of diesel were Taraba (N253.33), Gombe (N227.50), and Kebbi (N224.50). States with the lowest average price of diesel were Nasarawa (N162.27), Abuja (N183.00), and Adamawa (N186.67).

While states with the highest average price of petrol were Borno (N166.08), Benue (N160.31) and Akwa Ibom (N159.44).

States with the lowest average price of premium motor spirit (petrol) were Katsina (N144.82), Kano (N144.87) and Bauchi (N144.93).