Petrol NBS Reports Price Increased By 36%, Sells at N149 In January

The National Bureau of Statistics (NBS) said on
Wednesday that average price paid by
consumers for Premium Motor Spirit (PMS)
known as petrol increased by 35.7 per cent year-
on-year in January.
This is contained in Premium Motor Spirit
(Petrol) Price Watch for January released by NBS
in Abuja.
The report stated that Petrol increased by 35.7 per
cent year-on-year and 1.35 per cent month-on-
month to N148.7 in January 2017, from N146.7 in
December 2016.
It noted that states with the highest average price of
petrol were Borno, which sold the product for
N164.09, Oyo; N161.00 and Ebonyi N156.47.
“States with the lowest average price of petrol were
Kogi, which sold at N144.67), Ekiti and Imo,
N144.64 and Abuja which sold at N144.20.’’
The states with lowest average price sold the
product below the recommended price of N145.
Fuel prices are collected across all the 774 local
governments across all states and the FCT from
more than 10,000 respondents and locations.
The report reflected prices households actually
bought fuels together with the prices reportedly sold
by the fuel suppliers.
The average of all these prices is then reported for
each state and the average for the country is the
average for the state.