Connect with us

Business News

Price Watch: Petrol pump prices remain unchanged in March

The average pump price of premium motor spirit (Petrol) remain unchanged in March 2019. According to the NBS, the average pump price was ₦145.30 in March



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.

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

Stanbic 728 x 90

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.


Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.



Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

Continue Reading

Business News

NAICOM revokes operational licence of UNIC Insurance, appoints Receiver/Liquidator

NAICOM stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.



Recapitalisation: 26 firms get NAICOM's approval

The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational licence issued to UNIC Insurance Plc.

Although no official reason has been provided for the revocation of the insurance firm’s operating license, NAICOM, however, stated that the decision of the regulator was in the exercise of the powers conferred on it by the enabling laws.

According to a report from the News Agency of Nigeria (NAN), this disclosure is contained in a notice which was issued by the commission in Lagos to the general public and policyholders, where it noted that the revocation of the operational license, RIC 043, is with effect from March 25.

NAICOM, thereafter stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

NAICOM in its statement said, “The general public/policyholders are by this notice required to direct all inquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003.’’

What you should know

  • It can be recalled that NAICOM, for the third time in June 2020, gave insurance firms in the country a one-year extension to meet the recapitalisation obligation that was recently set for them apparently due to the coronavirus pandemic which had disrupted the activities of most insurance companies.
  • Some insurance companies had been going through some bad patches with a good number of them struggling to meet up with their obligations and the recapitalization requirements.
  • The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
  • The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

Continue Reading


Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.