Average price of PMS decreases by 23.7% in 2018

, Magazine

The Nigeria Bureau of Statistics (NBS) has released the Premium Motor Spirit (Popular known as Petrol) price watch for the month of January 2019. The NBS report shows that the average price paid by consumers for PMS was ₦190.9 year on year, which represents a decrease by 23.7% in 2018. Also, the average price paid by consumers was ₦145.80 month on month, this represents a 0.1% decrease.

Across the six (6) geopolitical zones, the report shows that the North-East witnessed the highest average price of ₦146.26, followed by North Central with an average price of ₦146.1. The third is South West where consumers paid an average price of ₦146.11. The North West zone came forth with an average price of ₦145.37, while both South-South and South East witnessed a unit average price of ₦145.15.

Similarly, the NBS report further shows that in January 2019, the three (3) states that witnessed the highest average price of PMS include Oyo, Benue and Taraba. Oyo witnessed the highest average price of ₦150.50, representing 3.40% increase, Benue was second and the average price of petrol was ₦150.09, a 2.38% increase. Lastly, Taraba came third where PMS was sold to consumers at an average price of ₦150.00.

In other words, Jigawa, Bauchi and Yobe are the three states that witnessed the lowest prices of PMS in January 2019. Yobe came first with the lowest prices of PMS of ₦144.00, representing a 1.29% reduction, while Bauchi came second with an average price of PMS of ₦144.00, representing 0.89% decrease. Although, both Yobe and Bauchi witnessed a unity average price of PMS, however, Yobe recorded the highest based on the month on month percentage decrease. Lastly, Jigawa came third with an average price of ₦144.20, which represents a 0.52% decrease.

Specifically, the averages prices of PMS in 2018 are January (₦172.5), April 2018 (₦151.4) and July (₦146.8). Also, in October the average price was ₦147.2, December (₦145.8) and ₦145.7 in January 2019.