Petroleum products prices crashed july says nbs
According to the National Bureau of Statistics (NBS), petroleum products prices in Nigeria crashed in July 2022. Here are some key points from the report:
- Crude oil prices: The average price of crude oil in July 2022 was $104.14 per barrel, a significant drop from the $123.13 per barrel recorded in June 2022.
- Petroleum products prices: The prices of petroleum products, including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK), also declined in July 2022.
- PMS (Petrol) price: The average price of PMS in July 2022 was N165.44 per liter, a decrease of 12.1% from the N187.45 per liter recorded in June 2022.
- AGO (Diesel) price: The average price of AGO in July 2022 was N245.44 per liter, a decrease of 10.3% from the N273.45 per liter recorded in June 2022.
- DPK (Kerosene) price: The average price of DPK in July 2022 was N242.44 per liter, a decrease of 11.1% from the N273.45 per liter recorded in June 2022.
The NBS attributed the decline in petroleum products prices to several factors, including:
- Global crude oil prices: The decline in global crude oil prices, which was driven by increased production and reduced demand.
- Naira depreciation: The appreciation of the naira against the US dollar, which reduced the cost of importing petroleum products.
- Government intervention: The government's efforts to stabilize the market, including the introduction of a new pricing template for petroleum products.
Overall, the crash in petroleum products prices in July 2022 is expected to have a positive impact on the Nigerian economy, particularly for consumers who rely on these products for transportation and other activities.