Average gasoline cost in September 2021 highest in Abia, Ekiti, Lagos State – NBS – Nairametrics

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The latest gasoline price monitoring report from the National Bureau of Statistics found that consumers paid the most for a liter of gasoline in the states of Abia, Ekiti and Lagos at 172.5 N respectively, 170.62 N and 167.8 N.

According to the report, the average price paid by consumers for premium gasoline (PMS) commonly known as gasoline increased 2.36% year-on-year in September 2021 to reach N 164.85 per liter. However, it registered a marginal decrease of 0.04% compared to 164.91 N the previous month.

On the other hand, the states with the lowest gasoline price in September 2021 were Ebonyi (N162.27), Ondo (N162.20) and Kano State with N160.83.

The price of petroleum products continues to rise in the country due to a positive rise in world crude oil prices, which primarily affects the cost of landing gasoline. Recall that crude oil prices have jumped lately, trading above $ 85 per barrel, after the drop recorded earlier in the year.

Nigerian states and oil price per liter

Nigeria’s inability to sufficiently refine its own crude necessitated the importation of oil, which in turn cost the nation more money instead of the gains we would have received from bullish trade in the global oil market. raw.

However, as the central bank governor noted at an overseas event recently, the Dangote refinery, which is slated to begin operations next year, will fill the gaping hole in the country’s refining capacity. , buying its crude in naira and producing enough refined products. to meet the needs of the country and earn the nation’s forex through the export of these refined products. At the investor summit held in New York City, Emefiele said as much as 30% of the country’s foreign exchange spending on importing refined petroleum products will be saved when the Dangote refinery becomes operational.

Meanwhile, a quick look at the data shows that the average cost of gasoline in the country has fallen consecutively for two consecutive months. It reached an annual high of 172.68 N per liter in March 2021 and a low of 164.09 N in January 2021.

How NBS obtains the data

According to the agency, the fieldwork is carried out only by more than 700 NBS staff in all states of the federation, supported by supervisors monitored by internal and external observers.

Gasoline prices are collected from 774 local governments in all states and the CTF from over 10,000 respondents and locations and reflect the actual prices that households report purchasing gasoline as well as the prices that would have been sold by PMS vendors.

The average of all of these prices is then shown for each state and the country average is the state average. The SNB notes, however, that its audit team subsequently carries out a random verification of the recorded prices.


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