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Business News of Wednesday, 17 November 2021


South-East residents paid highest average price for petrol in October – NBS

Fuel pump Fuel pump

Residents in Southeastern Nigeria paid the highest average prices of Premium Motor Spirit (PMS), commonly known as petrol, in the month of October, at N167.32 per litre, while the Northeast paid the least average price at N164.46.

This was disclosed by the National Bureau of Statistics (NBS) in its “Premium Motor Spirit (Petrol) Price Watch for October 2021’’, released on Tuesday in Abuja.

Taraba State had the highest state average price for diesel for the period at N280 per litre.

Key highlights of the report
The average price paid by consumers for petrol increased by 2.75 per cent on year-on-year basis to N165.60 in October when compared to the value in October 2020 (N161.17).

The value also increased on month-on-month basis to N165.60 in October from N164.85, showing an increase of 0.46 per cent when compared to the value recorded in September.

States with the highest average price of petrol are Plateau (N172.43), Nasarawa (N170.45) and Abia (N170.25), while states with the lowest average price of petrol are Yobe (N159.86), Kwara (N160) and Lagos (N162.67).

For diesel, the average prices paid by consumers decreased by -0.22 per cent to N254.07 in October from N254.64 in September, however signifying a 15.59 per cent increase on year-on-year basis to N254.07 in October 2021 when compared to the value of N219.80 recorded in October 2020.

States with the highest prices for diesel include Taraba at N280, Borno at N278.50 and Ogun at N275.36.

In case you missed it
Nairametrics reported last month that the National Bureau of Statistics revealed that consumers paid the highest for a litre of petrol in Abia, Ekiti and Lagos State with N172.5, N170.62, and N167.8 respectively for the month of September.