BY Haleem Olatunji
The National Bureau of Statistics (NBS) says Adamawa, Kwara, and Plateau States paid the highest amount for premium motor spirit (PMS), better known as petrol, in July 2021.
The average petrol price during the month under review is N165.91.
This is contained in the NBS report, titled: ‘Premium motor spirit (petrol) price watch (July 2021)’.
According to the report, petrol prices increased by 0.18 percent from N165.61 in June 2021 to N165.91 in July 2021.
The figure also dropped by 15.51 percent when compared to the corresponding period in 2020.
“States with the highest average price of premium motor spirit (petrol) were Adamawa (N173.67), Kwara (N170.40) and Plateau (N170.40),” the report reads.
“States with the lowest average price of premium motor spirit (petrol) were Taraba (N162.25), Gombe (N163.17) and Niger (N163.71).”
Across the geopolitical zones, the report showed that the average petrol price was highest in both south-east and south-south at N166.46, followed by north-central (N166.37), and north-east (N166.24).
Meanwhile, north-west recorded the lowest average petrol price at N164.89, followed by south-west (N165.19).
This report comes days after 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.
There are speculations that the new law would result in a hike in petrol price due to elimination of subsidy.
But Timpre Sylva, minister of state for petroleum, said the hike will not be automatic.
Sylva said petrol would be sold at market dictated prices, adding that the government is making efforts to “alleviate the sufferings” that the subsidy removal might bring.
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