Premium Motor Spirit (Petrol) Price Watch (November 2021)

Executive Summary

The average retail price of Premium Motor Spirit (Petrol) paid by consumers increased by 0.19 percent on a year-on-year basis from a lower cost of N167.27 per litre recorded in the corresponding month of last year to a higher cost of N167.60 per litre in November 2021.
On a month-on-month basis, an increase of 1.20 percent was recorded from N165.60 in the preceding month of October to an average of N167.60 in November 2021. Looking at the variations in the state prices, the top three States with the highest average price of the product in November were Abia, Ebonyi and Imo with N178.17, N175.00 and N174.89 respectively. However, the top three lowest prices were recorded in Adamawa State, Katsina State and Abuja with N160.86, N163.22 and N163.75 respectively.
The Zonal representation of prices shows the highest price in the South-East at N173.51, followed by the South-West and South-South put at N167.42 and N167.32 respectively. The North-East Zone had the lowest price of the product at N164.66 compared to other Zones.
Data source: National Bureau of Statistics