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NBS report casts doubt on NNPC’s claims of dropping products prices

Barely one month after the Nigerian National Petroleum Corporation (NNPC), came out to claim that prices of regularly used petroleum products including diesel, kerosene and even cooking gas have dropped, the latest report of the National Bureau of Statistics (NBS) has brushed aside the claims, saying the average prices of National Household Kerosene, Liquefied Natural Gas also known as cooking gas, and Automotive Gas Oil (diesel) increased by 3.39, 24.20 and 9.28 per cent respectively during the month of October.

The NBS monthly report further revealed that the average price per litre paid by consumers for kerosene increased by 3.39 per cent from N264.48 in September 2017 to N273.44 in October 2017.NBS put the States with the highest average price per litre of kerosene to be Oyo, N324.76, Borno, N323.61; and Rivers, N320.37.

Business Hilights recalls that only few days ago, Group Managing Director of the NNPC, Dr. Maikanti Baru, assured that it would ensure a hitch-free supply of petroleum products nationwide during the season, but was silent on their pump prices.

Details on state-by-state basis showed that the lowest average price per litre of kerosene were Osun, N233.33; Ondo, N237.50; and Enugu, N237.78.Also, average price per gallon paid by consumers for kerosene increased by 6.31 per from N973.72 in September 2017 to N1,035.12 in October 2017.The agency listed the States with the highest average price per gallon of kerosene to include Adamawa, N1,185.83; Benue, N1,175.00; and Ondo, N1,160.00.

However, states with the lowest average price per litre of kerosene were Lagos, N912.11; Sokoto, N918.33; and Anambra, N927.00.

Similarly, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 24.20 per cent from N 1,911.44 in September 2017 to N2, 374.07 in October 2017.

The report also revealed that states with the highest average price for the refilling of a 5kg cylinder for cooking gas during the month under review were Bauchi & Osun, N2,500.00; Yobe, N2,433.33; and Katsina, N2,412.50.

On the other hand, states with the lowest average price for the refilling of a 5kg cylinder for cooking gas were Taraba & Oyo, N2,200.00; Sokoto & Ebonyi, N2,300.00; and Benue, N2,328.57.Moreover, average price fort he refilling of a 12.5kg cylinder for cooking gas decreased by 2.60 per cent from N3,937.71 in September 2017 to N4,561.14 in October 2017.

NBS report noted further that states with the highest average price for the refilling of a 12.5kg cylinder for cooking gas were Sokoto, N4,766.67; Abia, N4,712.50; and Anambra, N4,692.31.States with the lowest average price for the refilling of a 12.5kg cylinder for cooking gas were Nasarawa, N4,359.38; Kano & Bayelsa, N4,400 and Kebbi, N4,420.00.

The average price paid by consumers for Automotive Gas Oil (diesel) increased by 9.28 per cent from N 184.80 in September 2017 to N201.96 in October 2017.NBS put the States with the highest average price of diesel to include Jigawa, N222.08; Zamfara, N218.75; and Adamawa, N217.50.

The States with the lowest average price of diesel were Cross River, N190.29; Delta, N190.06; and Borno, N189.69.            The price paid by consumers to buy a litre of Premium Motor Spirit (PMS) also known at petrol, increased by 0.1 per cent from N144.5 in September 2017 to N146 in October 2017.

States with the highest average price of petrol were Yobe, N 152.50); Benue, N 150.83; and Ebonyi, N148.57.States with the lowest average price of petrol were Ekiti and Katsina, N143.73; Jigawa, N143.80 and Abuja Federal Capital Territory, N144.

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