Business

Petroleum Products’ Prices Crashed in July, Says NBS

Published

7 years ago

August 30, 2017

Petroleum Products’ Prices Crashed in July

The average prices of Premium Motor Spirit (PMS) also known as petrol, Automotive Gas Oil (AGO) or diesel, and Household Kerosene decreased by 1.4 per cent, 2.36 per cent and 6.08 per cent respectively between June and July this year.

But the price of petrol remained high in Borno and Adamawa State, where a litre of petrol sold for N170 in Yobe, and N160 in Borno, according to the National Bureau of Statistics (NBS).

The agency listed the states where petrol sold for N145/litre to include Bauchi, Lagos, Abuja, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Ekiti, Kano, Katsina, kebbi, Ogun, Ondo, Osun, and Sokoto.

But the price of petrol remained high in Borno and Adamawa State, where a litre of petrol sold for N170 in Yobe, and N160 in Borno, according to the National Bureau of Statistics (NBS).

The agency listed the states where petrol sold for N145/litre to include Bauchi, Lagos, Abuja, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Ekiti, Kano, Katsina, kebbi, Ogun, Ondo, Osun, and Sokoto.

Also, average price per litre paid by consumers for Kerosene fell by 2.36 per cent from N287.27 in June to N280 in July, with Taraba selling at N352.56; Imo, N339.29, and Bayelsa, N332.14 to rank as the highest average price per litre.

Similarly, average price per gallon paid by consumers for kerosene crashed from N995.05 in June to N982.90 in July, where states including Kebbi, Niger and Kano recorded the highest average price per gallon, and Kogi, Kwara, and Benue the lowest.

Also, the average price paid by consumers for diesel decreased 6.08 per cent from N210 in June to N197 a litre in July, with the highest average price witnessed in Adamawa, N230; Taraba N228.57, and Sokoto, N222.86 per litre, and the lowest in Oyo N168.67; Delta, N180; and Ogun N180.8 per litre.

The Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC), Henry Ikem Obih, said recently that three refineries in Port Harcourt, Warri, and Kaduna now supplied 60 per cent of Dual Purpose Kerosene (DPK), consumed in the country.

He said the refineries were producing five million litres of kerosene daily, representing more than 60 per cent of the national daily consumption requirement of eight million litres.

Obih disclosed that the balance of three million litres of the product was being imported by private petroleum products marketers.

He noted that kerosene and other petroleum products supplied by the Corporation were of high quality, and meet safety standards. “The NNPC ensures that the entire refining output in Nigeria through its refineries in Port Harcourt, Warri, and Kaduna, and any products imported by it to make up for market supply-shortfalls,” he added.