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The average price paid by consumers for premium motor spirit (PMS) commonly known as petrol, exceeded the N145 regulatory benchmark in Lagos, Kwara and 21 other states in June, data from the National Bureau of Statistics (NBS) show.
The number of states where the price per litre was above the official price ceiling inched a spot higher to 23, compared to 22 in the preceding month.
The cost per litre of petrol grew marginally 0.2 per cent monthly basis to N145.4 in the sixth month and dipped slightly 1.8 percent year-on-year.
Kogi, Nigerian thirteenth largest state by land area, recorded the highest average price at N147.91 last month, up 1.3 percent compared to N150.91 a year earlier. Kebbi (N146.43) and Bayelsa (N146.25) featured in the list of top three states where petrol is most expensive.
Meanwhile, in the previous week, the new chief of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, while making submission on revenue generation of the state enterprise before the Senate, stated that the N145 pump price of petrol, which is the cheapest in the West African region, might be increased soon.
Kyari said the low price encourages smuggling and hampers the corporation’s revenue-generating capacity.
The Federal Government three years ago raised the pump price of fuel by 68 percent to the current N145 from N86.50, to boost fuel availability, prevent diversion of petroleum products and encourage investment in the country’s refineries.
Petrol sold cheapest in Benue at N144 last month, followed by Kastina (N144.13) and Abuja (N144.2). Average price dipped in these three states by 0.21 percent, 0.57 percent and 1.66 percent respectively.
Average per litre price hovered around N145 across the six geo-political zones, highest in South-south at N145.55, and cheapest in North-west at N145.11.
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