Economy

Retail price for petrol increases to N172.61 in April 2022- NBS

Nigeria’s GDP improves by 3.11% in Q1 2022
Written by Maritime First

… As Naira appreciates by 0.71%, exchanges at 418.50 to dollar***

The National Bureau of Statistics (NBS), says the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N172.61 in April 2022.

This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for April 2022. released in Abuja on Tuesday.

Also read: Nigeria’s GDP improves by 3.98% in Q4 2021— NBS

The report said the increase indicates a 3.74 per cent increase when compared to the value recorded in April 2021 at N166.38.

“Likewise, on a month-on-month basis, the average retail price decreased by 6.85 per cent from N185.30 in March 2022, compared to the average retail price paid by consumers in April 2022.”

The report said that on state profile analysis, the highest average retail price for Petrol was recorded in Kaduna with N202.94, followed by Enugu and Abia with N197.51 and N195.27 respectively.

On the other hand, the lowest average retail price for Petrol was recorded in Ebonyi and Nasarawa with N165.00 each, followed by Lagos and Katsina with N165.13 and N165.25 respectively.

It said that the highest average retail price was recorded in the South-East zone with N183.69, while the North-Central had the least with N166.57.

The NBS revealed in its Automotive Gas Oil (Diesel) Price Watch Report for April 2022 that the average retail price of Diesel paid by consumers increased by 175.92 per cent, from N237.19 in April 2021 to N654.46 recorded in April 2022.

“On a month-on-month basis, the average retail price increased from N539.32 in March 2022, indicating a rise of 21.35 per cent when compared to the average retail price paid in April 2022.”

The report said on state profile analysis, that the state with the highest average price for Diesel in April 2022 was Osun with N707.00, followed by Abuja and Oyo with N706.00 and N704.00 respectively.

On the other hand, the state with the lowest average retail price was Yobe with N535.00, followed by Kogi and Bauchi maintaining the same retail price of N550.00 each, and Imo with N583.41.

In addition, the zone analysis shows that the average price of Diesel was highest in the South-West with N688.94, while the North-East had the lowest price with N617.11.

In another development, the Naira returned stronger as it appreciated by 0.71 per cent against the dollar at the Investors and Exporters window on Tuesday.

The Naira exchanged at N418.50 to the dollar, compared with the N421.50 it traded on Monday.

The open indicative rate closed at N417.42 to the dollar on Tuesday.

An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.50.

The Naira sold for as low as 410 to the dollar within the day’s trading.

A total of 105.11 million dollars was traded in foreign exchange at the official Investors and Exporters window on Tuesday.

 

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Maritime First