NBS says average price of petrol dropped in May

The National Bureau of Statistics (NBS) says the average price paid by consumers for Premium Motor Spirit, (Petrol) decreased to N150.2 in May from N151.4 paid in April.

The NBS, in its “Premium Motor Spirit (Petrol) Price Watch’’ released on Tuesday, said the price decreased by -0.3per cent year-on-year and -0.8per cent month-on-month.

According to the report, states with the highest average price of PMS are Borno (N166.08), Benue (N160.31) and Akwa Ibom (N159.44), while the states with the lowest average price are Katsina (N144.82), Kano (N144.87) and Bauchi (N144.93).

Meanwhile, in the bureau’s “National Household Kerosene Price Watch’’ the price of Kerosine per litre increased from N278.49 in April to N280.29 in May.“Average price per litre paid by consumers for National Household Kerosene increased by 0.65 per cent month-on-month and decreased by -7.58per cent year-on-year to N280.29 in May from N278.49 in April.

“States with the highest average price per litre of kerosene were Abuja (N327.50), Yobe (N313.33) and Cross River (N310.19), while those with the lowest average price per litre are Borno (N233.33), Abia (N235.53) and Kogi (N251.04),’’ the report said.

According to the report, the average price per gallon paid by consumers for National Household Kerosene increased by 0.80per cent month-on-month and decreased by -5.12per cent year-on-year.

It noted that the price paid by consumers for a gallon for kerosene increased to N983.67 in May from N975.82 paid in April.

States with the highest average price per gallon of kerosene were Jigawa (N1143.33), Yobe (N1130.00) and Adamawa (N1088.89).