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Petrol Prices Rises in July

Petrol Prices Rises in July

Prices of the Petrol, Gas and kerosene has continued to fluctuate in recent months as Nigerians has been rocked with the various reports of  proposed increase in the pump price by the federal government of Nigeria, the year 2020 has seen the nation Nigerian being faced with a long and turbulent journey with its oil industry

While the price paid by users of Petrol otherwise called Premium Motor Spirit, Automotive Gas Oil[diesel and National Household Kerosene [NHK]  rose in July 2020, that of the Liquefied Petroleum Gas which is popularly known as gas dropped during the period

In a report made by the Vanguard Newspaper for petrol, diesel, kerosene and cooking gas released yesterday, the National Bureau of Statistics (NBS) stated that price paid by consumers for petrol increased month-on-month (MoM) by 11.44 percent to N143.63 in July 2020 from N128.88 in June 2020

The Bureau also stated that price paid by consumers for diesel rose by 0.03 percent MoM to N224.43 in July 2020 from N224.37 in June 2020. Similarly, the price per litre paid by consumers for kerosene increased by 0.44 percent MoM to N335.54 in July 2020 from N334.08 in June 2020.

However, the price for the refilling of a 5kg cylinder for cooking gas fell by 0.13 percent MoM to N1, 971.34 in July 2020 from N1973.95 in June 2020. The reports stated: “Average price paid by consumers for premium motor spirit (petrol) decreased by 0.97 percent year-on-year (YoY) and increased MoM by 11.44 percent to N143.63 in July 2020 from N128.88 in June 2020. “States with the highest average price of premium motor spirit (petrol) were Adamawa/Imo (N145.00), Abia (N144.93) and Enugu (N144.80). “Average price paid by consumers for automotive gas oil (diesel) increased by 0.03 percent MoM and decreased by -0.23 percent YoY to N224.43 in July 2020 from to N224.37 in June 2020. “States with the highest average price of diesel were Borno (N263.40), Bauchi (N240.00) and Cross River (N239.12).

“Average price per litre paid by consumers for National Household Kerosene increased by 0.44 percent MoM and by 6.17 percent YoY to N335.54 in July 2020 from N334.08 in June 2020. “States with the highest average price per litre of kerosene were Taraba (N389.58) , Sokoto (N386.60), and Edo (N384.52). States with the lowest average price per litre of kerosene were Bayelsa (N250.95), Rivers (N270.82) and Zamfara (N277.27). “Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by 0.13 percent MoM and by 2.64 percent YoY to N1,971.34 in July 2020 from N1973.95 in June 2020. “States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,485.80), Borno (N2,390.14) and Adamawa (N2,384.21).”

Nigerians are noted for their huge dependence on petrol and other crude oil exports, it is only proper for the Federal government of Nigeria to put up infrastructures as well as enact polices that will see to it that the prices of these commodities are stabilized as well as affordable to the masses who uses these commodities as a viable to for their sustenance. Despite the interference with drilling and transportation activities in the Niger Delta, especially with reference to pipeline vandalization, crude oil production in the country still hovers around 2.25 million barrel per day. While seems like an impressive figure especially in the wake of the outbreak of Covid-18, there is a need for a renewed effort by the government to build on capacity, cater for security challenges, and create a market that supports the ordinary buyer.

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