…PMS price also spikes 230.78% in August
FRI, SEPT 22 2023-theGBJournal |Latest data published by the National Bureau of Statistics (NBS) shows the cost of diesel and Premium Motor Spirit (Petrol) PMS price surging year-on-year in August amid inflation worries.
The August inflation number published by the NBS last week showed price pressures remained biased to the upside in the Near Term as headline inflation rose to a new record high, increasing by 172bps to 25.80% y/y in August (July: 24.08% y/y) – the highest level since August 2005 (28.21% y/y).
And the passthrough effect of elevated PMS prices is having profound impact on food prices which rose by 41bps to 3.87% m/m (vs July: 3.45% m/m), their highest level in 18 years.
According to the data, the average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 8.57% on a year-on-year basis from a lower cost of N786.88 per litre recorded in the corresponding month of last year to a higher cost of N854.32 per litre in August 2023.
On a month-on-month basis, an increase of 7.53% was recorded from N794.48 in the
preceding month of July to an average of N854.32 in August 2023.
Looking at the variations in the State prices, the top three State with the highest average price of the product in August 2023 include Abia State (N970.00), Niger State (N960.14) and Abuja (N950.22).
Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa State (N700.00), Katsina State (N771.43) and Kaduna State (N775.42).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Cenral Zone has the highest price of N907.86 while South South Zone has the lowest price N820.02 when compared with other Zones.
Meanwhile, NBS reports further rise in he average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of August 2023.
The figure is put at N626.70, indicating a 230.78% increase when compared to
the value recorded in August 2022 (N189.46).
Likewise, comparing the average price value with the previous month (.i.e. July 2023), the average retail price increased by 4.39% from N600.35.
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.
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.
On Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South South Zone had the lowest price of N616.95.
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