The average price paid by consumers in Nigeria for a litre of petrol increased by 28.49% in June 2021 from N128.88 recorded in the comparable period of 2020 to N165.61 in June 2021.
This is contained in the Premium Motor Spirit price watch report, released by the National Bureau of Statistics (NBS).
According to the report, petrol price increased year-on-year but recorded a decline of 1.46% bases on a month-on-month comparison with N168.06 recorded in May 2021.
This indicates a relative decline in the cost of goods when compared to the previous month, a reflection of the statement made by the federal government in May 2021 that petrol price will not increase in June 2021.
The statement was made by the minister of state for petroleum, Timipre Sylva that the current price of petrol will be retained until the engagement with the organised labour is concluded.
On the other hand, states in the northern part of the country, top the list of states with the lowest price of petrol. Katsina top the list with a price per litre of N160.86, followed closely by Borno State with N160.1 and Taraba with N157.33.
What this means
This indicates that despite soaring inflationary pressure in the previous year, which was escalated by the covid-pandemic, EndASRS protest, and a host of others, the rate of increase in the price of commodities is beginning to trickle down.
For example, the latest report showed that Nigerians spent less on buying petrol in June 2021 compared to the previous month.