According to a data released by the National Bureau of Statistics (NBS), prices of some petroleum products, especially Automotive Gas Oil (AGO) popularly called diesel, and household kerosene (HHK or kerosene) have increased by over 50.44 per cent and 39.50 per cent in the last one year.
Although, the agency’s data showed a slight decrease in the prices on month-on-month basis by 5.94 per cent and 11.59 per cent respectively, the commodities are still largely beyond the reach of the average income earners.
Giving analysis of diesel and kerosene prices for March, the NBS said the average price paid by consumers for diesel decreased by 5.94 per cent month-on-month from N249.38 in February to N234.55/litre in March, 2017.
In a year-on-year price analyses, NBS said diesel and kerosene increased by 50.44 and 39.50 per cent respectively. Generally, prices of the petroleum products have remained high due to the high cost of foreign exchange, which made many marketers to abandon importation, and leaving the Nigerian National Petroleum Corporation (NNPC) almost the sole importer of products.
It stated that the average price per litre paid by consumers for kerosene decreased by 11.59 per cent month-on-month from N352.42 recorded in February to N311.56 in March 2017.
National Bureau of Statistics (NBS) listed states with the highest average price per litre of kerosene to include Taraba N347.22; Plateau N340.48; and Cross River N399.71.
While states with the lowest average price per litre of kerosene were Gombe N273.81; Zamfara N271.57; and Oyo N267.54. Similarly, average price per gallon paid by consumers for kerosene decreased by 14.15 per cent month-on-month from N1,366 in February to N1,172.78 in March 2017.
With regard to Premium Motor Spirit (PMS) also known as petrol, NBS said the average price paid by consumers for petrol decreased by -0.3 per cent month-on-month to N149.4 in March from N149.8 a month earlier.
According to the Bureau, states with the highest average price of petrol were Yobe, N161.7; Bayelsa, N161.3 and Enugu, N154.5, while states with the lowest average price petrol were Oyo, N145.7, Osun, Kwara, Kano, Gombe, Ekiti, Delta, and Abuja, N145, and Ogun N144.9.
