NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 - Politics

NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 (23677 Views)

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NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by ogododo(op): 12:03pm On Jul 02, 2024

The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.

The National Bureau of Statistics (NBS) has reported that the average retail price of petrol in May 2024 was ₦769.62 per litre, with Jigawa State recording the highest price of ₦937.50 per litre.

This represents a significant increase of 223.21% compared to May 2023 (₦238.11) and a 9.75% rise from April 2024 (₦701.24).

The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.

Titled: "Premium Motor Spirit (Petrol) Price Watch (May 2024)," the NBS report stated on State by State profile analysis that Jigawa, had the highest average retail price for the commodity at ₦937.50, followed by Ondo and Benue States with ₦882.67 and N882.22, respectively.

On the other side, Lagos, Niger and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16 and ₦645.15 respectively.

Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.

According to NBS, with the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, with food inflation as high as 40 per cent.

The National Bureau of Statistics (NBS) has reported that petrol prices are approaching ₦1,000 per litre in the Northern region, despite the Nigerian National Petroleum Company Limited (NNPCL) announcing that it will maintain its current prices at its retail outlets nationwide.

NNPCL's retail outlets currently sell petrol at around ₦568 per litre, which is a significant increase from the ₦238 per litre recorded in May 2023, according to NBS data.

https://saharareporters.com/2024/07/02/national-bureau-statistics-says-petrol-hits-n937-litre-fears-it-may-soon-reach-n1000

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by hegu: 12:04pm On Jul 02, 2024*

You can imagine the inflation rate when fuel hit 1k per litre

38 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by SadiqBabaSani: 12:07pm On Jul 02, 2024

Nijeria is suffering under Tinubu

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by ogododo(op): 12:07pm On Jul 02, 2024

hegu:
You can imagine the inflation rate when fuel hit 1k per litre

Nawa oo

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by OkpaNsukkaisBae(m): 12:12pm On Jul 02, 2024

Tinubu is working.

86 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by EyeCumInPiss: 12:13pm On Jul 02, 2024

Fellow Nigerians,
Happy Tinubulation. grin

105 Likes 7 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by AdeCityzen(m): 12:15pm On Jul 02, 2024

hegu:
You can imagine the inflation rate when fuel hit 1k per litre

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by AdeCityzen(m): 12:18pm On Jul 02, 2024

Let them Just pay the minimum wage maybe it will ease the pressure, it's 670-750 in Ondo state all this while. Any petrol station that sell above this are not patronize here unless it's panic buying

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Finegirl734(f): 12:26pm On Jul 02, 2024

We are suffering embarassed

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Brendaniel: 12:47pm On Jul 02, 2024*

We warned them about Tinubu, they didn't listen, it was supposed to be a collective effort to stop him but they chose tribe and religion over competence and character....

156 Likes 8 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Ddeliverer007(m): 12:53pm On Jul 02, 2024

What is wrong with Tinubu ??

Tinubu wants to render Nigeria useless.. I wonder why!!

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by MEEVEET: 1:04pm On Jul 02, 2024

hegu:
You can imagine the inflation rate when fuel hit 1k per litre

Lol 😂😂😂 the sad reality is without the subsidy Tinubu pays petrol would be between 1450 to 2200

15 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Remman(m): 1:12pm On Jul 02, 2024

Our oil is heavily controlled by the foreigners. First, they told us that we cannot refine our oil and made sure that our refineries doesn't work but we can only import the one refined outside. Now, God has helped us and we can now refine our own oil through Dangote refinery, but to my greatest surprise, Dangote cannot refine Nigeria's crude oil, instead is forced to buy from the US if he wishes to refine oil. May God punish the enemies of the black race and all enemies of Nigeria!

58 Likes 6 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by CharleyBright(m): 1:13pm On Jul 02, 2024

Hmmm

1 Like 1 Share

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Paraman: 1:15pm On Jul 02, 2024

Ondo that's close to Lagos, it cost ₦882.67 per liter, but it cost ₦642.16 in far away Niger state. What's the excuse fuel marketers are giving in Ondo state for this?

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by CharleyBright(m): 1:19pm On Jul 02, 2024

AdeCityzen:
Let them Just pay the minimum wage maybe it will ease the pressure, it's 670-750 in Ondo state all this while. Any petrol station that sell above this are not patronize here unless it's panic buying

Minimum wage ease which pressure?
Did you attend Economics class at all?
What did they teach you about demand (more money) push inflation?
Make them pay new minimum wage and see how demand for all items will increase and push prices of these items upwards.
We are in deep trouble caused by Tinubu.
Nigerians should catch Tinubu and line up and give him a knock on the head each to reset that his useless Emilokan brain.

64 Likes 8 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by DMerciful(m): 2:04pm On Jul 02, 2024

Without subsidy, it would be N1500.

Devaluing the naira wrecked Nigerian economy because there's still a bigger subsidy being paid

Paraman:
Ondo that's close to Lagos, it cost ₦882.67 per liter, but it cost ₦642.16 in far away Niger state. What's the excuse fuel marketers are giving in Ondo state for this?

42 Likes 3 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Melagros(m): 2:33pm On Jul 02, 2024

COMRADES, I hope these miscreants disturbing us here buy theirs 250

25 Likes 1 Share

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Yaribanzaonic: 3:15pm On Jul 02, 2024

@paraman is already lamenting...

See this post ...

According to him it's expensive in ONDO State...and the buzu will be shouting Mandate everywhere grin

Melagros:
COMRADES, I hope these miscreants disturbing us here buy theirs 250

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Yaribanzaonic: 3:19pm On Jul 02, 2024

What do you need petrol for ..

Tinubu .

Gives you 24hrs light
Gives you value for your money
Gives you cheap and affordable healthcare
Gives you affordable housing
Gives you solid infrastructure
Gives you cheap cooking GAS or even firewood
Gives you cheap petrol as RONU scavengers.

So, complaining means that TINUBUs policy has favoured your worthless existence..

Keep being foolish..

Nonsense..

Paraman:
Ondo that's close to Lagos, it cost ₦882.67 per liter, but it cost ₦642.16 in far away Niger state. What's the excuse fuel marketers are giving in Ondo state for this?

29 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by fuckingAyaya(m): 3:22pm On Jul 02, 2024

SadiqBabaSani:
Nijeria is suffering under Tinubu

only peter obi nd igbo people are suffering

11 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by nairaman66(m): 3:26pm On Jul 02, 2024

I like this- Banana republic. Zimbabwe’s inflation will be child’s play.

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Tochi3(m): 3:31pm On Jul 02, 2024

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by PDJT: 3:33pm On Jul 02, 2024

- That's like £0.49. Tinubu is definitely paying massive amount for subsidy. Corruption gallore in Nigeria.

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Tochi3(m): 3:35pm On Jul 02, 2024

OkpaNsukkaisBae:
Tinubu is working.

10 Likes 1 Share

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by AcadaWriter: 5:13pm On Jul 02, 2024

Nijeria is suffering under politician

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by stano2(m): 5:33pm On Jul 02, 2024

All hail APC.
Ohh u guys thought prices would go down 🤣🤣

These politicians don’t give a fvvvvck about its citizens, all that matters to them is their loot & insatiable power.

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by TrumpDonald2: 5:33pm On Jul 02, 2024

Tinubu was really over hyped. Him and his best brains are really incompetent. Now i understand why he left Osun state and ran to govern Lagos. Only fools praise him because of Lagos state.

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Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by spiSeyi: 5:34pm On Jul 02, 2024

Make e kuku reach 10k cheesy

the problem PBAT has is that he is an IMF a*s licker by implementing whatever policies they recommended without thinking about the welfare of his people, it's evident that the removal of fuel subsidy and floating of Naira has not benefited us as a nation. How I wish he could be like Abacha or Yaradua who turned blind eyes on the IMF recommendations even Abiola promised never to follow IMF. This white folks don't mean well for our economy. Above all, PBAT is not going for second term it's not by death or sickness because everyone is tired of his government within the 1st year unlike the other leaders

16 Likes 2 Shares

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by frankmoney(m): 5:34pm On Jul 02, 2024

Nawa o

1 Like

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Kobojunkie: 5:34pm On Jul 02, 2024

SadiqBabaSani:
Nijeria is suffering under Tinubu

Register your no-confidence vote in your government. Demand a recall of all those you can. Do so every month. Doing nothing changes nothing. undecided

1 Like

Re: NBS Says Petrol Hits N937 Per Litre, Fears It May Soon Reach N1000 by Mrchippychappy(m): 5:35pm On Jul 02, 2024

The way "Igbos go suffer" don turn to "All Nigerians dey suffer", are you sure every Nigerian is not an igbo man/woman? grin

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