HomeFeaturesImo Expends Above ₦170 Per Litre For Petrol In May - NBS

Imo Expends Above ₦170 Per Litre For Petrol In May – NBS

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In a fresh report, the National Bureau of Statistics (NBS) have announced that Abia State, Imo State and Cross River State had paid the highest amount for premium motor spirit (PMS), better known as petrol, in May 2022 out of all Nigerian States.

The average petrol price during the month under review was pegged at ₦173.08 per litre.

The NBS made this announcement in its latest PMS price watch report for May 2022, released on Friday. It had also pointed out that despite regulation of petroleum prices and the huge cost of subsidy for the product, some states still pay more than the average price.

In 2021, petrol subsidy payments gulped ₦1.43 trillion, shrinking revenue accrued to the federation account to N542 billion — a shortfall from the projected ₦2.51 trillion. This year, the national assembly approved the request of President Muhammadu Buhari to earmark N4 trillion for petrol subsidy in 2022,  so far, the NNPC has spent ₦947.53 billion on petrol subsidy payments in 2022.

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The World Bank, in its Nigeria’s Development Update (NDU), launched on Tuesday, projected that fuel subsidy would gulp ₦5 trillion in 2022 — more than Nigeria’s ₦4 trillion subsidy budget.

According to NBS’ report, the average retail price paid by consumers for petrol increased to ₦173.08 in May 2022, indicating a 2.99 percent increase compared to the value recorded in May 2021 (N168.06).

The value also increased on a month-on-month basis from ₦172.61 in April 2022, showing an increase of 0.27 percent compared to the average retail price paid by consumers in May 2022.

“On state profile analysis, the highest average retail price for Premium Motor Spirit (Petrol) was recorded in Abia with ₦193.20, followed by Imo and Cross River with ₦188.24 and ₦187.65 respectively,” the report reads

“On the other hand, the lowest average retail price for Petrol was recorded in Ogun with ₦165.00, followed by Yobe and Benue with ₦165.36 and ₦165.50 respectively.”

 

The Eastern Updates

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