Dissimilarities in petrol pump price persist

The price of Premium Motor Spirit (PMS), popularly called petrol, increased by 0.1 per cent month-on-month to N146.90 in August 2018 from N146.80 in July 2018, due to slight edge above official pump price of N145/litre recorded in some states, according to data released by the National Bureau of Statistics (NBS).

The data stated that “States with the highest average price of PMS were Borno (N157), Kebbi (N152.94) and Kwara (N152.86) while states with the lowest average price of PMS were Ekiti (N144.23), Katsina (N144.08) and Bauchi (N143.89).”

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The Department of Petroleum Resources (DPR) has sealed up some petrol stations across Nigeria for selling above the pump price of N145 while the Petroleum Products Pricing Regulatory Agency (PPPRA) has maintained its stand that the product remained fixed. But persistent price differentials may signal the challenges of having a uniform pricing system across the country. 

Meanwhile, the data also recorded a marginal increase in the price of Liquefied Petroleum Gas (LPG) for the month of August 2018. 

According to the data, a five kilogramme cylinder of Liquefied Petroleum Gas (LPG) otherwise called cooking gas, increased to N2,005.14 in August from N2,001.45 recorded in July.

According to the report, the price increased by 2.17 per cent month-on-month and 3.19 per cent year-on-year in the period under review.

The Bureau revealed that the average price for refilling a 12.5kg cylinder for cooking gas increased in August to N4, 366.48 from N4, 244.35 in July. It said the price increased by 2.17 per cent month-on-month and 3.19 per cent year-on-year in the period under review.

However, stakeholders in the oil and gas industry have shown concern about the low awareness of LPG in the country. They advocated for more public awareness across Nigeria.