The average pump price of Premium Motor Spirit (PMS) has continued to rise, even with the recent commencement of petrol supply by Dangote Refinery. A few weeks ago, Nigerians were shocked to learn that the Nigerian National Petroleum Company Limited (NNPCL) had officially increased the PMS price from ₦617 per litre to ₦855 per litre at its retail outlets. This price hike coincided with the start of PMS sales by the Dangote Refinery.
As NNPC and other major suppliers adjusted their pump prices accordingly, numerous marketers across the country followed suit, leading to pump prices surging to about ₦800 in certain areas. In some states, the price for a litre of fuel reached between ₦1,000 and ₦1,200.
This drastic increase in PMS prices has had a significant impact on the country’s economy, affecting businesses and the daily lives of citizens. Transport fares have surged by over 50% in some regions, prompting many car owners to sell their vehicles or seek alternative means of transportation.
The fluctuations in prices have been attributed to several factors, including the removal of subsidies and the global price of crude oil. NNPCL clarified that the high cost of PMS is not due to supply issues but rather reflects market realities. Consequently, there has been a lack of uniformity in PMS prices across states, with residents paying varying amounts for the commodity.
According to the Premium Motor Spirit Price Watch report by the National Bureau of Statistics (NBS) for August 2024, the price of PMS in various states ranged from ₦600 to ₦1,000. The top ten states with the highest average pump prices per litre are as follows:
| S/N | State | Average Pump Price (₦) |
|---|---|---|
| 1 | Benue | 941.24 |
| 2 | Bauchi | 935.71 |
| 3 | Gombe | 925.00 |
| 4 | Yobe | 916.00 |
| 5 | Jigawa | 902.67 |
| 6 | Taraba | 899.67 |
| 7 | Borno | 893.29 |
| 8 | Imo | 891.93 |
| 9 | Abia | 887.72 |
| 10 | Zamfara | 887.69 |
The data indicates that residents of Benue State are paying the highest average retail price for PMS at ₦941.24. Following closely are Bauchi and Gombe States, with average prices of ₦935.71 and ₦925.00, respectively. Conversely, the lowest average pump prices were recorded in Delta, Cross River, and Edo States, at ₦667.50, ₦672.00, and ₦676.25, respectively.
Additionally, the North-East region reported the highest average PMS price at ₦908.21, while the South-South zone had the lowest at ₦677.11.