Nigerians paid more for petroleum products in March – NBS

With the rising cost of commodities across the country, consumers of petroleum products had to pay more in March when compared to the previous year.

According to reports by the National Bureau of Statistics (NBS), average prices of diesel increased by 129.10 per cent; while Premium Motor Spirit (PMS) or petrol rose by 7.31%, and cooking gas was 83.62% and 25.27%.

The breakdown shows diesel rose from N235.41 in March 2021 to N539.32 in March 2022. The average price in March 2022 was a significant rise of 72.87% from N311.98 recorded in February 2022.

Diesel was costliest in March 2022 in Ekiti as it sold for N672.14; Lagos and Abia were next with N668.75 and N645 respectively.

Despite the federal government retaining its payment of petrol subsidy, the average price per litre rose to N185.30 in March 2022 from N172.68 in March 2021 while on a monthly basis, it rose from N170.42 recorded in February 2022.

Petrol sold at the highest average price in Enugu at N218.33 followed by Ebonyi and Cross River with N215 and N214.41 respectively.

The price for refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) or cooking gas was N3778.30 higher than N2057.71 in March 2021. It was N3708.58 in February 2022.

The average retail price per litre of Household Kerosene (HHK) rose to N564.55 per litre from N450.66 in March 2021 while the same commodity was purchased for N361.29 in February 2022.