According to data released by the National Bureau of Statistics certain states in Nigeria had higher petrol prices compared to other.
Since March 2021 petrol price has experienced a downward sloping trend, Recall that in August Muhammadu Buhari signed a oil reform act which states that fuel should be sold at market prices based on the forces of demand and supply. However, petrol prices continues to experience unstable bearing due to movements in supply conditions in the global oil market.
According to data from Statista the average price of petrol dropped from N172.9 to N164.91 representing a 4% decrease in the price of petrol from March to August 2021. The decision of OPEC+ to boost oil production globally over the next three months from September is a major factor that influenced the decrease in oil price to N167.80 for September.
Reports suggets that Lagos, Abia and Ekiti state has the highest petrol prices across the 36 states in Nigeria with N167.80, N172.50 and N172.96 respectively. On the other hand Ebonyi, Ondo and Kano state had the lowest price of N162.67, N162.20 and 162.83 respectively.
Compared to the previous quarter of the year according to research published by simona varrela “As of June 2021, Benue, in the center, was the Nigerian States with the highest gasoline prices. On average, consumers in Benue paid 183.29 Nigeria Naira per liter, about 0.44 U.S. dollars. Abia, in the South-East, recorded the second most expensive petrol price in the country, with 171.88 Naira.”
Generally as the price of petrol is strongly correlated to foreign exchange rate and international oil price, Observations from the Naira/Dollar rate behavior and actions from the OPEC+ to intensify production thus increasing supply of oil coupled with the constant decreasing trend of inflation in Nigeria to 16.63% shows that petrol will continue in a decreasing trend till the end of the year except any major variable express an erratic condition.
