Energy

Prices of petrol, kerosene increase in May

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The price of Automotive Gas Oil, AGO, also known as diesel dropped while inflation also witnessed a decline in the month.

NBS revealed that the average price per litre paid by consumers for National Household Kerosene increased by 8.01% month-on- month and by 30.49% year-on-year to N303.29 in May 2017 from N280.80 in April 2017.

States with the highest average price of kerosene were Anambra (N334.52), Kwara (N323.81) and Bauchi (321.67) while states with the lowest average price per litre of kerosene were Osun (N273.96), Oyo (N271.15) and Sokoto (N261.90).

NBS also revealed that average price paid by consumers for Premium Motor Spirit, PMS, also known as petrol, increased by 0.3 % year-on-year and by 0.5% month-on-month to N150.7 in May 2017 from N149.9 in April 2017.

States with the highest average price of premium motor spirit (petrol) according to the statistic office were Gombe (N172.5), Taraba (N162.00)
& Adamawa & Borno (160).

States with the lowest average price of premium motor spirit (petrol) were Abuja, Delta, Ekiti, Katsina, Ogun, Lagos and Osun (N145.3), Ondo (N145.31) and Edo & Oyo (N145.33).

However, the average price paid by consumers for AGO decreased by 5.65% month-on-month and increased by 45.35% year-on-year to N216.30 in May 2017 from N229.25 in April 2017.

NBS revealed that states with the highest average price of diesel were Adamawa (N236.67), Niger (N236.43) & Sokoto (255.71).

It also stated that states with the lowest average price of diesel were Gombe and Yobe (N200.00), Delta (N200.83) and Anambra (N200.56).

NBS disclosed that the Consumer Price Index (CPI) which measures inflation increased by 16.25 percent (year-on-year) in May 2017. This according to NBS was 0.99 percent points lower the rate recorded in April (17.24percent).

“Accordingly, this represents the fourth consecutive decline in the rate of inflation since January 2017,” NBS explained.

On a month-on-month basis, the Headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017 indicating the existence of persistence pressure on prices despite the general decline in year on year inflation. Month on Mont inflation has cumulatively risen by 7.7% since January 2017

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