According to data from the National Bureau of Statistics (NBS), a 0.28% month-on-month increase in the average price of Automotive Gas Oil (diesel) was recorded as the price in December 2020 increased to N224.37 from N223.74 in November 20201. Similarly, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) has increased by 0.12% month-on-month to N1949.75 in December 2020 from N1947.47 in the previous month2. The results were similar regarding the refilling of a 12.5kg cylinder with a 1.75% month-on-month increase. Contrarily, the average price paid by consumers for premium motor spirit (petrol) decreased month-on-month by -0.94% to N165.70 from N167.27 in the previous month3. Overall, in month of December 2020, gas prices rose most likely as a result of rising crude oil prices in the international market. Low-income households are less likely to be affected given that their consumption of these products is relatively lower than middle- and high-income households. However, the general decline in income due to the effect of the COVID-19 pandemic makes the increment nonetheless an economic burden.
January 28, 2021
Nigeria Economic Update (Issue 3)
Related
Nigeria Economic Review
The
global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4)
relative to 2.5 percent in 2016Q3, due to rising investment and consumption
demands in developed and emerging economies as well as a rise in commodity
prices. However, over the entire year, global GDP growth stood at 2.6 percent in
2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew
progressively in the US over the year, while the steady growth recorded in the
UK since the start of the year stalled in 2016Q4. Also, the declining growth
recorded in France since 2015 took a positive turn in 2016Q4, the rest of the
Eurozone witnessed a fall in output in the quarter. While emerging economies
recorded mixed experiences, many Sub-Saharan African countries showed signs of
recovery in the period.
Nigeria Economic Update (Issue 28)
Latest monthly economic report by the CBN reveals a decline in foreign exchange flows through the CBN. Foreign exchange inflow through the apex bank, dropped Month-on-Month by 21 percent to $2.3 billion in May 2017, occasioned by the fall in from Oil and Non-oil sources during the month.