Prices Of Fuel Hit Over N300 Per Litre

Consumers paid an average monthly price of N310 per litre for Household Kerosene (HHK), across the 36 States and Federal Capital Territory (FCT), according to the latest report from the National Bureau of Statistics (NBS).pp

fuel subsidy
The price is even more in Abia, Adamawa, Akwa Ibom, Bayelsa, Borno and Cross River at N362, N323, N321, N312 and N350 respectively.Analysing the report in gallons, the agency said that a gallon of HHK sold for N1, 025 per in Kano, N1,144 per gallon in Ekiti, N1,211 a gallon in Bayelsa and N1,345 per gallon in Borno state during the month under review.

Also, the agency put the average monthly price paid by households for Automotive Gas Oil (Diesel) across the 36 States including FCT in the month of July at N205 per litre.

Nevertheless, states like Taraba, Kebbi and Kwara paid the highest average prices of N249, N229 and N223 per litre respectively.The price watch showed that consumers in Anambra paid N200 per litre, Bayelsa, N200 a litre; and Edo, N200 per litre, making them states with the lowest average prices of diesel.
The Premium Motor Spirit (PMS) price watch for July indicated that average monthly prices actually reportedly paid by households for PMS across the 36 States and FCT was N148 per litre.
According to the NBS, Bayelsa, Taraba, and Nassarawa remained the only state where PMS is sold at N165, N162, and N160 per litre respectively.The report showed that Kaduna, Borno and Oyo state recorded the lowest PMS prices of N142, N144 and N144 per litre respectively.

Speaking recently on why prices of petroleum products is expensive, the South-West Chairman of the Petroleum and Natural Gas Workers (NUPENG), Tokunbo Korodo, said the Nigeria National Petroleum Corporation (NNPC) noted that most of the filling stations selling kerosene between N200 and N220 per litre was as a result of additional money on transportation of the product and some other levies paid by marketers.

According to him, at present, NNPC is the only importer of kerosene and was using private depots to sell the product.“The NNPC has fixed N150 per litre as the new depot price of kerosene and has directed all its depots and private depot to comply with the directive.

“This did not include the transportation of the product or several levies and bank interests paid by marketers.“Consequently, marketers will now add all these expenses to the depot price to arrive at N190, N200 or N220 depending on their locations.“The advantage of this is that it will open door for more marketers to commence importation of kerosene just like petrol,’’ he said.

Source: Guardian


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