The National Bureau of Statistics has released its Premium Motor Spirit Price Watch for the month of May revealing that fuel prices across the country averaged about N150.28 compared to about N160.82 in the month of April. The price drop indicates that petrol prices in the country are beginning to fall since the government decided to stop subsidizing the price of petroleum products.
The Price of fuel was highest in Ebonyi State at N165 per liter and lowest in Kaduna State at N144.62. This compares to the month of April when Imo state was the highest was N203 and Lagos State the lowest with N92.5 all above the erstwhile official pump price of about N86.
Fuel queues have also largely disappeared from the country as the artificial price cap levied on oil marketers has now been removed allowing marketers to sell price at close to market determined prices. A report this week also had the Major Marketers confirm a reduction in demand for fuel consumption as the increase in fuel price has meant that Nigerians have to buy fuel at a smaller quantity that they ought to. Most Nigerians now prefer to buy just the fuel they need rather than fill their tanks.
Get the report below;
