Average price of PMS jumps to N257.12 per litre in January 2023

Based on the prices set by the major oil marketers, the Nigerian National Petroleum Company Limited, NNPCL retail outlets and the independent marketers, the ordinary Nigerians are suffering the outcome as most are still paying far above N185 per litre approved pump price of petrol.

According to a report by The Punch, consumers purchased the product at the sum of N185 per litre from the major oil marketers and the NNPCL retail outlets while the Independent Marketers sold PMS between N200 and N250 per litre.

The Premium Motor Spirit (petrol) price watch for January 2023, a report by the National Bureau of Statistics, NBS revealed that on average, Nigerians paid the sum of N257.12 per litre for the product.

The increment in the price of PMS recorded in January 2023 represented an annual increase of 54.52 percent (When compared with January 2022) and a monthly increase of 24.70 percent (When compared with December 2022).

The report read in part, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 percent 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 percent from N206.19.”

The report further revealed that three states had the highest pump price of PMS and they include Imo State at N332.14 per litre, then Rivers at N327.14, and Akwa Ibom at N319.00.

For the states with the lowest pump price, Sokoto had the lowest average retail price for petrol at N191.43 per litre, this was followed by Plateau state at N192.14 and Borno at N193.91.

The NNPCL recently announced it had opened up some of its depots for operations as a means to curb the scarcity of PMS currently witnessed across the country.

The body added that the depots have received 953.13 million litres of PMS, a move which aims to end the fuel queues and normalise the pump prices across the country.