The National Bureau of Statistics (NBS) has revealed that the South-East region of the country recorded the highest average retail price for Premium Motor Spirit (PMS) in January 2023 while the North-Central had the lowest.

In its PMS price watch for January 2023, the bureau reported that the South-East recorded an average retail price of N307.85, while the North-Central recorded a low of N217.15

Breakdown of the report showed Nigerians bought PMS, also known as petrol, at an average price of N257.12 per litre in January 2023.

Nigeria learnt that there was a 54.52 per cent annual hike in the average price in January 2023, but on a monthly basis, the price of petrol rose 24.70 per cent.

NBS revealed that the highest average retail price for petrol was paid by Imo State residents at N332.14 per litre, Rivers was next on the list at N327.14, followed by Akwa Ibom with N319.00.

The cost of fuel was, however, lowest by average retail price in Sokoto, where residents paid N191.43 per litre. Also on the list is Plateau with N192.14 and Borno residents paid N193.91

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022 (N166.40).

Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70 per cent from N206.19,” the report reads.

It added that “In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with N307.85, while the North-Central had the lowest with N217.15.”

Note that the cost of fuel rose to as high as N370 per litre in some locations in January, with members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) selling between N250-N370 per litre.

This is against the government-agreed price of N185 per litre based on the subsidy payment to ensure equal pump price across IPMAN and MOMAN retail stations.

Meanwhile, the price was lower at retail outlets of the Major Oil Marketers Association of Nigeria (MOMAN) and Nigeria National Petroleum Company (NNPC) Limited, with the product sold at N185 per litre.