The sale of petrol, known as Premium Motor Spirit (PMS) dropped by -7.3% percent in April 2018 from N163.4 in March 2018, PMS Price watch of National Bureau of Statistics (NBS) confirmed today.
NBS in its report listed Kebbi Kogi & Jigawa as paying N163.71, N160.79 & N160.46 respectively for the product. They paid highest. While Plateau, Abuja & Bauchi experienced the lowest average price of premium motor spirit (petrol) paying N145.00, N144.95, and N144.17.
According to the NBS, the average price paid by consumers for premium motor spirit (petrol) increased by 1.0% year-on-year and -7.3% month-on-month to N151.4 in April 2018 from N163.4 in March 2018.
Average daily NNPC truck out has risen from 37 million liters in December 2017 to 52 million liters in April 2018. We recall that the rise in global crude oil prices from 2017 had pressured petroleum imports and caused product shortages and a spike in prices at the turn of the year.
With global crude oil prices forecast to remain high (Vetiva 2018F: $65/bbl), NNPC intervention remains key to maintaining adequate petroleum supply at prices near the regulated band.