The National Bureau of Statistics (NBS) has released its latest premium motor spirit (PMS) price watch report. It shows the average monthly price for PMS (petrol/gasoline) paid by households across the country. In August it averaged N144.5/litre (l) for the 36 states of the federation and the FCT, and therefore was marginally below the fixed upper price limit for the retail pump price of N145/l set by the authorities.
The average price of gasoline in September represented a -1.2% y/y decrease, but increased by 0.1% m/m. Yobe State recorded the highest price for PMS at N149.7/l while Abuja recorded the lowest – N142.0/l.
A recent survey carried out by the NNPC revealed that for most stations, fuel prices reduced in line with the prevailing market situation in order to sustain the turnover of the business and to attract more motorists.
Additionally, the CBN’s increased fx interventions have led to improved fx liquidity. For petroleum marketers, the CBN recently approved access to its fx official windows, thereby allowing for a better fx blend as opposed to depending solely on the parallel market.