Petrol Pump price watch

The average pump price of premium motor spirit (Petrol) remained unchanged in March 2019. This is revealed in the latest PMS price watch data released by the National Bureau of Statistics (NBS).

According to the NBS data, the average pump price was ₦145.30 in March, the same price recorded in the previous month. This indicates a 0.0% month-on-month change.

However, Year-on-year, the average price of PMS further decreased by 11.1% from 15% recorded in February.

Basic Highlights

  • Petrol pump price remained unchanged at ₦145.30 in March
  • States with the highest average price of Petrol are: Yobe (147.55), Taraba (₦147.00), and Kebbi (₦146.75).
  • States with the lowest average price of Petrol are: Zamfara (₦144.39), Abuja (₦144.00), and Bauchi (₦143.89)

Petrol Pump Price was highest in Yobe State

Yobe state witnessed the highest average price, as petrol was sold at an average of N147.55 per liter. Month-on-month, the average prices of Petrol in the state increased by 1.70 percent.

Also, Taraba state ranked second, with an average pump price of ₦147.00 per liter. Month-on-month, the average price of Petrol in the state dropped by 2.36 percent.

Lastly, Kebbi state also witnessed a high average Petrol pump price of 146.75 per liter.  Month-on-month, the state witnessed an increase of 0.82 percent.

Petrol consumers in Zamfara state witnessed the lowest pump prices

The average pump price of petrol in Zamfara State was the lowest in the country, as the commodity was sold at ₦144.39. Month-on-Month, the average pump price dropped by 0.76 percent. Year-on-year, it also dropped by 5.22 percent.

Abuja state ranked second with an average petrol pump price of ₦144.00 in March. This represents a 0.35 percent price month-on-month increase.

Also, the average pump price of Petrol in Bauchi made the list as the product was sold at ₦143.89 in March. Month-on-month, it increased by 0.42 percent.

Deal book 300 x 250

Consumers in the Northeast Zone witnessed highest average pump price

Across the six geopolitical zones, the Northeast once again maintained the highest average pump price of ₦145.96 in March from ₦145.74 recorded in February. The southeast zone ranked second with the highest average pump price of ₦145.39.

The remaining zones are ranked in these order – South-South (₦145.32), North West (₦145.26), North Central (₦145.04) and South West (₦145.03).

Brace up for new pump price, as Petrol Price may rise

Lately, there have been reported cases of queues at some petrol service stations across the country. Some Nigerians are reportedly already thinking about the hardship they may encounter if the emerging fuel queues in Lagos, Abuja, Ibadan, and Port Harcourt extend to other cities.

Note that as at the time of filing this  report, queues have reportedly cleared in some major cities

Also, recall that since the International Monetary Fund’s (IMF) called for Nigeria’s removal of the fuel subsidy, there has been a renewed national debate on the matter. There has also been growing rumors that the Federal Government of Nigeria is about to announce a new pump price regime for PMS.

New pump price may just be here 

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently disclosed that the landing cost of PMS is N35 higher than the pump price of N145 per litre. To prepare the mind of Nigerians and their businesses, the minister further disclosed the following:

“I think the labour union has never really said they would not be supportive of an attempt to take away this subsidy element; the union has always said, ‘If you are doing it, show me what you [will] do with those new receipts of income. Two, what do you do with the refineries?’ Therefore, we need to address those to even get their buy-in.”

The reported possible increase in  pump price has been subject to media scrutiny in recent days, to avoid a repeat of the current administration’s earlier unexpected increase of petrol pump price from N87/liter to N145/liter in 2016.

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