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Petrol unevenly priced and cost rising too

Ultra-modern filling station owned by North-West Petroleum and Gas Company Limited in Asaba.

FRI, DECEMBER 21 2018-theG&BJournal-Motorist will accept it. That is the way it is in Nigeria. Petrol is cheap to buy in some parts of the country, unbearable in some other parts of the country. Most consider themselves very fortunate this Christmas period- there is no disruption, the type that usually makes nonsense of the joy of festive period.

But there was no respite in the price motorists had to pay as prices jumped 0.2% month-on-month to N147.50 in November 2018 from N147.20 in October 2018. And the average price paid by consumers increased by 1.3% year-on-year.

According to new data from the National Bureau of Statistics (NBS), Kebbi Kaduna and Taraba paid more for petrol in November 2018 with prices averaging N158.24 in Kebbi, N156.75 in Kaduna and N155.46 in Taraba State.

Petrol price watchers doubt that the big burden is reflective of sentiments in the oil and gas markets globally. Oil prices have gone on a meltdown since this week, dragged down by weakening sentiment on global economic outlook. Crude fell 4% on Monday and crashed by about 7% on Tuesday pointing to the fact that there is more supply and demand is weakening. WTI dropped below $47 and Brent dropped back to $56 handle.

Jigwa, Sokoto and Imo states enjoyed the lowest average which is still comparably higher than what motorists paid for the product in the previous month. Motorist in these states paid N144.29, N144.20 and N142.50 respectively for the product.

Among the six-political zones, the North East stole the title of the most expensive place to buy petrol with consumers paying the highest average price of N151.28 for petrol followed closely by the North West at N149.06. Consumers in the North Central paid N147.05 while consumers in the South East coughed up almost as much as their counterparts up North with prices averaging N146.13, close to that of the consumers in North Central. Consumers in South West paid the least average price in the month averaging only about N145.15 while in the South East it averaged N146.13 in the month under review.

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