Petrol Pump Price decreased by 1.9% in August – NBS
AVERAGE price paid for Premium Motor Spirit (PMS), otherwise known as petrol last month decreased year-on-year (YoY) by 1.9 percent and 2.5 percent month-on-month (MoM) to N144.4 from N148.2 in July 2017, according to the latest report by the Nigerian Bureau of Statistics (NBS).
States with the lowest average price of petrol were Nasarawa with N143; Oyo, N143.2; while Lagos and Ondo paid N143.3.
Consequently, this price decrease has affected transportation costs. The average fare paid by commuters declined by 4.8 per cent MoM during the period, indicating that there was a significant roll back on inflation rate, which has been trending for seven months now. The report disclosed that the average fare paid by commuters for bus journeys within cities, in August 2017, decreased by 3.45 percent MoM to N130.29 from N134.95 recorded in the preceding month of July 2017, though it showed 40.61 percent increased on YoY basis.
“The average fare paid by passengers for water way passenger transport decreased by 3.36 per cent MoM and 16.41 per cent YoY to N590.06 in August 2017 from N610.56 in July 2017.
Meanwhile, the average fare paid by air passengers for specified routes single journey decreased by 1.23 per cent MoM and increased by 32.75 per cent YoY to N32, 750.00 in August 2017 from N32, 144.62 in July 2017.
“The states with highest fare by water way passenger transport were Bayelsa, Rivers and Cross River, while the states that recorded the highest air fares were Abuja FCT, Taraba and Jigawa.”