Data from the National Bureau of Statistics (NBS) shows that in September 2022, Nigerians across the country paid as much as N191.65 per litre of petrol, also known as premium motor spirit (PMS).
In the NBS (PMS) PMS price watch seen by Nairametrics, it was stated that the average price Nigerians paid for petrol in September increased by 1.15% from N189.46 which was the price per litre of petrol in August 2022.
The current petrol price also indicates a 16.26% increase when compared to the amount Nigerians paid for a litre of petrol in September 2021 which was N164.85 per litre,
Note that in some states, the price per litre of petrol was either higher or lower than the average price of N191.65.
In the data breakdown below, you will find prices across some states, showing the highest and lowest prices, as well as average petrol prices across all the zones of the country.
Data breakdown
Diesel price watch
The NBS also released the diesel price watch for September 2022. In the report, it was stated that Nigerians paid as much as N789.90 per litre of diesel in September, representing a 0.38% increase from N786.88 per litre reported in August 2022. Compared to N254.64 per litre in September 2021, the current price represents a 210.20% increase.
In the data breakdown below, you will find the highest and lowest prices of diesel across certain states, as well as diesel prices according to zones in the country.
Data Breakdown
Kerosene price watch
The household kerosene price watch showed that Nigerians paid N947.30 per litre of kerosene in September 2022, indicating an increase of 17.02% compared to N809.52 per litre for August 2022.
On a year-on-year basis, the average retail price per litre of kerosene rose by 118.08% from N434.39 in September 2021.
In the data breakdown below, you will find the highest and lowest kerosene prices per litre across certain states as well as the average kerosene prices per litre across zones. There is also a breakdown of the highest and lowest kerosene prices per litre across states as well as the average prices per litre across zones.
Data Breakdown
Bottom line
The prices of petrol, kerosene and diesel are on the rise in Nigeria. This could lead to the following:
- Home-based manufacturers will continue to incur costs because their factories mostly run on diesel generators. If the cost becomes too much to bear, it could be transferred to the end-users of manufactured products through increased prices.
- This will add to the burdens of the already financially overstretched Nigerian consumer.
- Rising costs of liquefied petroleum gas (LPG) for cooking have already forced many households to turn to kerosene. However, with the rising costs of kerosene, some households are likely to turn to the use of firewood for cooking, which contributes to deforestation and increased CO2 emissions.
