Premium Motor Spirit (PMS) popularly referred to as petrol increased in price on a month-on-month basis to N167.60 per litre in November from N165.60 in October, the National Bureau of Statistics (NBS) says.
According to the Premium Motor Spirit (Petrol) Price Watch for Nov. 2021, obtained from the NBS website on Friday in Abuja, the increase is by 1.20 per cent.
On a year-on-year basis, however, the increase was by 0.19 per cent from a lower cost of N167.27 per litre recorded in the Nov. 2020 to a higher cost of N167.60 per litre in Nov. 2021.
“Looking at the variations in the state prices, the top three states with the highest average price of the product in November were Abia at N178.17, Ebonyi N175 and Imo N174.89.
“However, the top three lowest prices were recorded in Adamawa N160.86, Katsina N163.22 and Abuja N163.75.”
At the zonal level, the report said that representation of prices showed that the highest price in the South-East was N173.51, followed by the South-West at N167.42 and South-South put at N167.32 respectively.
However, the North-East zone recorded the lowest price of the product at N164.66 compared to other zones.
Meanwhile, the average retail price of Automotive Gas Oil otherwise known as Diesel paid by consumers increased by 9.35 per cent on a month-on-month basis from N254.07 per litre in October to an average of N277.83 in November.
On a year-on-year basis, however, there was a 24.17 per cent increase from a lower cost of N223.74 per litre recorded in Nov. 2020 to a higher cost of N277.83 per litre in Nov. 2021.
“Looking at the variations in the state prices, the top three states with the highest average price of the product in November were Edo with N329.00, Imo N324.47 and Osun N318.31.
“Again, the top three lowest prices were recorded in the northern region: Kebbi with N214.17, Yobe N220.00 and Katsina State N224.38.”
The report added that zonal representation of prices showed the highest price in the South-East at N296.28, followed by the South-South at N287.91 and South-West put at N287.89.
However, North-West had the lowest price of N248.38 compared to other Zones.
The NBS said that in arriving at the report, field work was done by more than 700 of its staff in all states of the federation supported by supervisors who were monitored by internal and external observers.
It said the NBS audit team subsequently conducted randomly selected verification of the prices recorded.
