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Confusion as fuel now sells above N145 per litre in 15 states

Even in the glare of continued assurances by the federal government that the price of petrol will reduce from N145 per litre, it sold above the price in 15 states of the federation, last September. The National Bureau of Statistics (NBS) has said.

Analysts say one of the greatest causes of galloping inflation in an economy is unstable pump price of petrol and this may be the reason why the inflation rate for the month of September rose to over 17.9%.

Leading the pack of defiant states are Cross River State where the product is sold at N154.6, followed by Kaduna, which had N151.8, while Kogi occupied the third position with the price of N150.4. In Enugu State, petrol was sold at N148.7, while it was sold at N148.5 in Bornu and N148 per litre in Kebbi State during the period under review.

Data from NBS sighted by our correspondent said in Ebonyi State, it was sold at N147.6, while it sold at N147.2 in Bayelsa, N147.1 in Abia, N147 in Nassarawa, N146.5 in Kwara, N146.4 in Plateau and Benue, N146.3 in Niger, N146.1 in Imo and N145.6 per litre in Gombe State. However, Akwa Ibom State recorded the lowest price of N142.5 per litre.

The NBS also stated that energy and energy related prices continue to be the largest increases reflected in the Core sub-consumer index.

According to the Bureau, in September, the core sub-index increased by 17.7 percent during the month, up by 0.5 percent points from rates recorded in August (17.2 percent). During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Solid Fuels, and Fuels and Lubricants for Personal Transport Equipment groups.

NBS also added that the Consumer Price Index (CPI) which measures inflation increased by 17.9 percent (year-on-year), 0.24 percentage points higher than the rate recorded in August 2016 (17.6 percent).

The report read in parts: “On a month-on-month basis, the Headline index eased, increasing by 0.8 percent in September, down from 1.0 percent in August. The Urban Index rose by 19.5 percent (year-on-year) in September from 19.3 percent recorded in August and the Rural Index increased by 16.4 percent in September from 16.1 percent in August. On a month on month basis, both the Urban and Rural Index eased, increasing by 0.8 percent a piece,” it added.

“For diesel, the price across the country was at the average of N192.69 per litre, with Benue having the peak price of N210.00 per litre. The states with the highest prices include: Lagos recording N188.11, Abuja – N189.50; Borno- N201.25; Akwa Ibom- N200.00; Plateau -N203.33; Kwara- N198.89; Kebbi- N199.38; Kano- N198.33; Bauchi- N198.33 and Kaduna at N198.08.

But shipping data from the Nigerian Ports Authority (NPA) as at Monday revealed petrol topped the content of over 28 ships expected to berth at the ports this week and next week.