Many Nigerians are still paying far above the approved pump price of N185 per litre for petrol amid fuel scarcity, according to a report by the National Bureau of Statistics (NBS). The NBS observed that members of the Major Oil Marketers Association of Nigeria (MOMAN) and NNPCL retail outlets sold petrol at the regulated price of N185 per litre, while members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) charged between N200 and N250 per litre.
In its Premium Motor Spirit (Petrol) price watch for January 2023, the NBS stated that the average price Nigerians paid was N257.12 per litre. This represented an annual increase of 54.52 % compared with January 2022 (N166.40) and a monthly rise of 24.70 % from December 2022 (N206.19). The report highlighted regional variations: Imo State had the highest average retail price at N332.14 per litre, followed by Rivers at N327.14 and Akwa Ibom at N319.00. Sokoto recorded the lowest average price at N191.43 per litre, with Plateau at N192.14 and Borno at N193.91.
Analysis by zone showed that the South‑East posted the highest average retail price in January 2023 at N307.85, while the North‑Central had the lowest at N217.15. This high cost of petrol comes as Nigerians grapple with fuel scarcity and the country faces rising fuel subsidy expenses. Although queues at petrol stations have temporarily disappeared, the NBS warned that fuel queues could return soon if the Nigerian National Petroleum Company Limited does not increase imports and boost petrol supplies nationwide.
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