As we step into the dynamic economic realm of September 2023, the price fluctuations of essential fuels and cooking gas have become a paramount concern for both consumers and businesses. Join us on this journey as we delve into the intriguing world of fuel prices in Nigeria during this eventful September. From the ever-familiar Premium Motor Spirit (PMS) to the indispensable Household Kerosene (HHK) and everything in between, we’ll explore the tapestry of price changes that’s been unfolding across the nation.
Premium Motor Spirit (Petrol):
For September 2023, the average retail price paid by consumers for Premium Motor Spirit (Petrol) was N626.21. This represented a slight decrease of 0.08% compared to the average price in August 2023, which was N626.70. Regional analysis showed that the North-East Zone had the highest average retail price of N638.33, while the South-South Zone had the lowest price at N618.47. Despite the slight price decrease, the volatility in the global crude oil market and exchange rate fluctuations continue to impact the price of PMS.
Household Kerosene (HHK):
The average retail price per litre of Household Kerosene (HHK) paid by consumers in September 2023 was N1,299.03. This represented a 2.09% increase from the previous month, August 2023, when the price was N1,272.40. Regional analysis indicated that the North-East recorded the highest average retail price per litre of Household Kerosene at N1,390.67, followed by the South-East at N1,368.49, with the North-West recording the lowest at N1,190.81.
Automotive Gas Oil (Diesel):
In September 2023, consumers faced an increase in the average retail price of Automotive Gas Oil (Diesel). Prices rose by 4.27% from the previous month, with the average price reaching N890.80. The South East Zone had the highest average price of N918.06, while the South South Zone had the lowest price of N863.97. The diesel market continues to be driven by market forces, and these price fluctuations can have cascading effects on transportation costs, impacting the prices of goods and services.
Liquefied Petroleum Gas (LPG) 5kg Cylinder (Cooking Gas):
The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 1.81% on a month-on-month basis. In September 2023, the average price was N4,189.96. Regional analysis showed variations in prices, with the North-Central having the highest average price of N4,555.95, followed by the North-West at N4,394.40. The South-West recorded the lowest price at N3,809.22. It’s worth noting that despite the country’s significant gas reserves, domestic LPG production remains below expectations.
The regional disparities in prices for these petroleum products highlight the need for a deeper investigation into the factors influencing these variations, such as transportation costs, taxes, and local demand. Understanding these factors is crucial for policymakers and consumers to address the challenges posed by these price fluctuations.
