57% of Nigerians Buy Petrol Above the Official N97 Per Litre.


The removal of fuel subsidy in January 2011 sparked protests across the country on the impact of this removal on household spending (please visit our website to read about results of this impact), although the removal of the fuel subsidies is in line with the Federal Government’s transformation agenda aimed at improving transparency, efficiency and accountability in the petroleum sector thereby curbing corruption, attempts to further remove subsidies has generated opposition from consumers due to presumptions that any price increase will further raise inflation and reduce economic welfare. However the question still remains on whether the product is being sold at the official price as stated by the government at N97 per litre or marketers are selling above the price. In view of this, NOI Polls conducted these monthly snap polls to help gauge the price distortions if any on petrol products that occur along axial lines and to track the average price paid for petrol each month. Results presented here are from snap polls conducted in the first quarter of 2013 (January, February and March). We hope that these results would bring about a discourse round the price parity, fuel subsidy and the need for transparency in the downstream sector.

Three key findings from the three month average show that 57% of Nigerians have bought Petrol above the official price of N97 within a range of N100 –N130 per litre. This disparity is particularly seen in cities outside Lagos and Abuja. 70% of the South East Consumers buy their product from Independents; lastly 54% of Nigerians have attributed the huge disparity in the price to non-monitoring of the filling stations by the government.

See the full report with more diagrams only on http://www.nigeriansreport.com/2013/03/57-of-nigerians-buy-petrol-above.html.

Even in lagos fuel are still selling 100 to 120 in some filling stations especially with gallon