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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of July 2022 was N190.01, indicating a 14.53% increase when compared to the value recorded in July 2021 (N165.91). Likewise, comparing the average price value with the previous month (.i.e. June 2022), the average retail price increased by 8.03% from N175.89. On State profile analysis, Niger State had the highest average retail price for Premium Motor Spirit (Petrol) with N208.00, followed by Adamawa with N207.57 and Nasarawa with N205.50. On the other hand, Edo had the lowest average retail prices for Premium Motor Spirit (Petrol) with N173.50, followed by Imo with N175.79 and Bayelsa with N180.00. In addition, analysis by zone showed that North-Central recorded the highest average retail price in July 2022 with N193.87, while the South-South had the lowest with N184.35.

Data source: National Bureau of Statistics