TheCable

The National Bureau of Statistics (NBS) says Abia, Ebonyi, and Lagos States paid the highest amount for premium motor spirit (PMS), better known as petrol, in August 2021.

The average petrol price during the month under review is N164.91.

This is contained in the NBS report, titled: ‘Premium motor spirit (petrol) price watch (August 2021)’.

According to the report, petrol prices increased by 10.87 percent year-on-year and decreased month-on-month by 0.58 per cent to N164.91 in August 2021 from N165.91 in July 2021.

“States with the highest average price of premium motor spirit (petrol) were Abia (N173.14), Ebonyi (N170.13) and Lagos (N168.31).” the report reads.

“States with the lowest average price of premium motor spirit (petrol) were Niger (N162.00), Borno (N161.71) and Kano (N158.75).”

Across the geopolitical zones, the report showed that the average petrol price was highest in both southeast (N167.95) and south-west (N165.02), followed by the south-south (N165.02), and north-east (N164.39).

Meanwhile, the northwest recorded the lowest average petrol price at N163.41, followed by north-central (N164.09).

In August, President Muhammadu Buhari signed the Petroleum Industry Bill into law.

The law, Petroleum Industry Act 2021, establishes the deregulation of the petroleum sector, removal of petrol subsidy and the unbundling of a new national oil company within six months.