Prices of Petrol and Diesel Increase in June

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CEM REPORT | The price of essential commodities especially petrol and diesel have increased by 202.67 percent and 6.21 percent respectively in June 2022.

This is according to the National Bureau of Statistics’ latest reports.

The Bureau in a report titled: Automotive Gas Oil (Diesel) Price Watch June 2022, stated that the price of the commodity on a year-on-year basis experienced a surge in price of 202.67 percent from  N242.43 per litre recorded in the corresponding month of last year to a higher cost of N733.78 per litre in June 2022.

The report further states that on a month-on-month basis, an increase of 9.3 percent was recorded from N671.08 in the preceding month of May to an average of N733.78 in June 2022.

Furthermore, the top three States with the highest average price of the product in June 2022 include, Kwara (N800.00), Delta (N798.50) and Katsina (N786.36), while Bauchi (N650.00), Yobe (N675.00) and Kogi (N678.00) recorded the lowest prices.

Meanwhile, Lagos recorded a year-on-year increase of N205.14 from N238.25 to N727. On a month-on-month basis, an increase of N3.33 from N703.56 to N727 in June 2022.

Abuja on the other hand, sold at an average price of N745.00, a N202.85 increase from N246.00 on a year-on-year basis and N5.67 on a month-on-month basis, from 705.00 in May 2022.

Also, the Bureaus’ Premium Motor Spirit (Petrol) Price Watch for June 2022, reveals that the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N175.89 in June 2022, indicating a 6.21 percent increase when compared to N165.61 recorded in June 2021.

On a month-on-month basis, the average retail price increased by 1.63% from N173.08 in May 2022,

Furthermore, the top three States with the highest average price of the product in June 2022 include, Sokoto with N195.55, followed by Kaduna and Adamawa with N190.80 and N190.67 respectively.

The lowest average retail price for Petrol was recorded in Benue, Ogun and Kebbi with N165.00, N165.20 and N165.33 respectively.

Lagos sold at an average price of N171.75 in June 2022 an increase of N2.09 from N168.24 in May 2022, while it sold for N165.35 in June 2021 recording an increase by N3.87.

Abuja, recorded a month-on-month decrease of -1.51 from 172.60 in May 2022 to sell at an average of N170.00 in June 2022. Year-on-Year there was an N4.94 increase from N162.00 in June 2021.

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