Petrol prices increase first time in 8 months to N146 in August

The average price paid by Nigerians for the Premium Motor Spirit (PMS) or petrol, as it is popularly called increased for the first time since January 2018.

Figures released today, by the national Bureau of Statistics (NBS), shows that the average prices of petrol, which has been on the decline for seven consecutive month through August was up by 0.1 percent month-on-month from N146.80 in July 2018 to N146.90 in August.

Though the maximum price of petrol is capped at N145 per litre by the government, but NBS figures show Nigerians bought the product at an average price N146.90 in the month under review, the consumers therefore paid N1.9 more than the stated price by the government.

Meanwhile, Borno (N157.00), Kebbi (N152.94) & Kwara (N152.86), were the states that paid the most for PMS consumption in the period under review.

While, the states with the lowest average price of petrol were Ekiti (N144.23), KatsinaN144.08) & Bauchi (N143.89).

Details later…