TheCable

The National Bureau of Statistics (NBS) says residents of Taraba, Borno, and Benue states paid the highest amount for premium motor spirit (PMS), better known as petrol, in August 2023.

In the PMS report for the month, the NBS said the average petrol price was N626.70 per litre.

On May 29, President Bola Tinubu announced that put a stop to the costly petrol subsidy.

The decision, which immediately led to a hike in the pump price of the product across the country, signalled an end to the federal government’s control of the commodity’s retail prices.

Subsequently, the Nigerian National Petroleum Company (NNPC) Limited increased the price of petrol at its retail outlets, with independent marketers following suit.

The policy has had a significantly negative effect on Nigerians as transport costs soared by over 100 percent in the wake of the president’s inaugural speech.

According to the NBS report, the average retail price paid by consumers represented a 230.78 percent increase, compared to the value recorded in August 2022 (N189.46).

It also increased on a month-on-month basis, from N600.35 in July 2023, indicating a spike of 4.39 percent.

“On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N680.00, Borno and Benue States were next, with N657.27 and N649.14, respectively,” the report reads.

“On the other side, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively.”

Across the geopolitical zones, the report showed that the highest average retail price was recorded in the north-east at N636.93; while the south-south had the lowest (N616.95).