…Inflation dips to 16.10%
Michael James 18 July 2017, Sweetcrude, Lagos – There was a slight drop in the prices of Premium Motor Spirit, PMS, also known as petrol; Automotive Gas Oil, also known as diesel; and Liquefied Petroleum Gas, LPG, in the month of June, according to latest data released by the National Bureau of Statistic, NBS.
The data also showed that inflation rate dropped from 16.25 percent in May to 16.10 percent in June.
The NBS statistics released on Monday (July 17, 2017) indicated that the average price paid by consumers for PMS increased by 1.2 percent year-on-year and decreased by -0.3 percent month-on-month to N150.3 in June 2017 from N150.7 in May 2017.
States with the highest average price of PMS, according to the data, were Yobe (N168), Gombe (N167.50) and Adamawa (162.50) while states with the lowest average price were Abuja, Edo, Ekiti, Ogun, and Osun ( N145), Ondo and Kano (N145.3) as well as Kwara and Oyo (N145.5).
The data further indicated that the average price paid by consumers for AGO decreased by 2.72 percent month-on-month and increased by 14.73 percent year-on-year to N210.42 in June 2017 from N216.30 in May 2017.
It added that states with the highest average price of diesel were Kwara (N235.56) Adamawa (N227.50) and Niger (N230.00) while states with the lowest average price were Osun (N192.50), Delta (N191.25) and Anambra (N184.17).
On LPG, the data showed that the average price for the refilling of a 5kg cylinder decreased by 9.43 percent month-on-month and increased by 12.9 percent year-on-year to N2,215.96 in June 2017 from N2,446.57 in May 2017.
“States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kebbi and Yobe (N2,400.00), Zamfara (N2,399.18) & Adamawa (2,390.00) while states with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kaduna, and Niger (N2,000), Kogi (N2,005.00) and Oyo oN2,033.33),” NBS revealed
However, NBS revealed that the average price per litre paid by consumers for National Household Kerosene increased by 8.01 percent month-on- month and by 30.49 percent year-on-year to N303.29 in May 2017 from N280.80 in April 2017.
“States with the highest average price per litre of kerosene were Anambra (N334.52), Kwara (N323.81) & Bauchi (321.67) while states with the lowest average price per litre of kerosene were Osun (N273.96), Oyo (N271.15) and Sokoto (N261.90),” NBS further stated.
