Premium Motor Spirit (Petrol) Price Watch (March 2022)

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N185.30 in March 2022 indicating a 7.31% increase when compared to the value recorded in March 2021 (N172.68). Likewise, on month-on-month basis, the average retail price increased from N170.42 in February 2022 showing an increase of 8.73% when compared to the average retail price paid by consumers in March 2022.
On state profile analysis, the highest average retail price for Premium Motor Spirit (Petrol) was recorded in Enugu with N218.33 followed by Ebonyi and Cross River with N215.00 and N214.41 respectively. On the other hand, States with the lowest average retail price for Petrol were Jigawa, Benue and Nassarawa with N165.71, N165.50 and N165.45 respectively. More so, the highest average retail price was recorded in the South-East zone with N210.846 while the North-Central had the least average retail price with N168.40.

Data source: National Bureau of Statistics