The Price of Petrol decreased by -0.94% MoM to N165.70 in December 2020 from N167.27 in November 2020.
It can be recalled that in September 2020, the Federal Government declared full deregulation of the downstream oil sector, paving the way for prices to be determined by market forces, especially the international crude oil price.
This led to the adjustment of the pump price of petrol to between N158 and N162 per litre to reflect the increase in global oil prices.
The retail price of petrol had also risen from N121.50-N123.50 per litre in June to N140.80-N143.80 per litre in July and then N148-N150 per litre in August.
The movement in prices is affected by two main factors – international petroleum costs, and the movement in the dollar exchange rate.
However, according to a report from the Nigerian Bureau of Statistics (NBS), titled ‘Premium Motor Spirit (Petrol) Price Watch’, the average price paid by consumers for premium motor spirit (petrol) increased by 14.00% year-on-year and decreased month-on-month by -0.94% to N165.70 in December 2020 from N167.27 in November 2020.
Furthermore, the States with the highest average price of premium motor spirit (petrol) were Abia, Kwara and Kebbi having a price of N176.19, N172.43 and N169.92 respectively.
While states with the lowest average price of premium motor spirit (petrol) were Kaduna, Katsina and Bauchi having prices of N155.00, N160.25 and N162.57 respectively.