By Grace Chigbu
StatiSense (NBS) has released skeletal data showing that Imo State had the highest price for Premium Motor Spirit (PMS) in Nigeria in March 2023. The data indicated that PMS was sold for N332.7 per litre in Imo State last month, making it the most expensive in the country. Taraba and Borno states came second and third with N330 and ?324.6 per litre, respectively.
Meanwhile, Benue, Plateau, and Nasarawa were the states with the least fuel prices per litre for March, according to StatiSense. Benue had the lowest fuel price at N195, while Plateau and Nasarawa sold petrol for N196.8 and ?197.5 per litre.
It is worth noting that the national average of petrol prices in Nigeria in 2015 was N103.9 per litre. Kogi state recorded the highest fuel price at ?133.8 per litre, while Adamawa sold petrol for the least amount at N87 per litre.
The rising fuel prices in Nigeria have been a major concern for the public in recent times. The government has attempted to address the issue by implementing policies and regulations aimed at stabilizing fuel prices in the country. However, the fluctuations in global oil prices and the devaluation of the naira continue to affect the local fuel market.
The high cost of PMS in Imo State have adverse effects on the economy of the state and the country at large. The increase in fuel prices in the state for months consecutively has led to an increase in the cost of goods and services, transportation, and other essential commodities, leading to inflation.
Furthermore, the high fuel prices could discourage foreign investments in the state and the country, as the cost of production and transportation would increase. The government must take decisive actions to address the issue and ensure that fuel prices remain stable, to avoid adverse effects on the economy and the public.
