Prices Of Petrol, Diesel, Kerosene, Gas Increase In February

Figures from the Nigerian Bureau of Statistics have shown that prices of petrol, diesel, kerosene and gas increased in February 2022.

For petrol, the price went up by 2.42 percent; diesel by 8.29 percent; kerosene by 3.10 percent and household gas by 1.39 percent when compared to its records in January 2022.

Nigeria, since February, had battled with scarcity and consistent increase of prices in retail outlets.

Petroleum

According to the bureau, the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N170.42 in February 2022 from N166.24 in February 2021, indicating 2.52% increase. 

On month-on-month, the average retail price increased from N166.40 in January 2022 to N170.42 in February 2022, showing an increase of 2.42%. 

Kaduna state had the highest average retail price of Premium Motor Spirit (Petrol) with N189.09, followed by Anambra with N184.09 and Kebbi with N180.00. Conversely, Jigawa state recorded the lowest average retail price of Premium Motor Spirit (Petrol) with N165.00, followed by Nasarawa and Benue with N165.25 and N165.36 respectively. Likewise, the highest average retail price was recorded in the South-East zone with N174.96 while the South-West had the least with N167.09.

 Diesel

NBS reported that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 36.98 percent year-on-year from a lower cost of 227.76 per litre in February 2021 to a higher cost of 311.98 per litre in February 2022.

On a month on month basis, the average price of Diesel stood at 311.98 per litre in February 2022 indicating an increase of 8.29 percent from 288.09 in January 2022. 

Looking at the State variations of prices, the state with the highest average price per litre in February 2022 was Edo with 373.18, followed by Oyo state with 372.38 and Plateau with 355.40. Furthermore, Kebbi state had the lowest average prices per litre with 231.67, followed by Yobe with 240.00 and Kano with 250.06. 

Kerosene

Also, the average retail price per litre of Household Kerosene (HHK) paid by consumers in February 2022 stood at 450.66 from 437.11 in January 2022, showing an increase of 3.10 percent on a month-on-month. 

On a year-on-year comparison, the average price increased by 26.66 percent from 355.80 in February 2021.

The state with the highest average price per litre in February 2022 was Ebonyi with 607.14 followed by Cross River with 593.75 and Osun with 531.77. The states with the lowest average price per litre were Bayelsa with 290.44, Jigawa with 326.39 and Sokoto with 340.14.

Cooking Gas

The average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) stood at 3708.58 in February 2022 showing month-on-month increase of 1.39 percent from 3657.57 recorded in January 2022. 

On a year on year, the average retail price of Cooking Gas increased by 83.69 percent from 2018.91 in February 2021.

Benue state recorded the highest average price for refilling of 5kg Cylinder for Liquefied Petroleum Gas (Cooking Gas) with 4205.00, followed by Niger with 4150.00 and Cross River with 4081.82. On the other hand, Adamawa state had the lowest average price with 2500.00 followed by Yobe and Bauchi with 2610.00 and 2645.00 respectively.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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