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BREAKING: 222.92% Petrol Price Increase Reported
BREAKING: 222.92% Petrol Price Increase Reported
The National Bureau of Statistics (NBS) reported that the average retail price of a litre of petrol surged from N195.29 in October 2022 to N630.63 in October 2023, according to its Petrol Price Watch for the same month released in Abuja on Wednesday.
This indicated a substantial increase of 222.92 per cent compared to the October 2022 price.
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“Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21.
“On state profiles analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively.
“Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19 and N599.38 respectively,’’ it stated.
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Breaking down the figures by zones, the North-East Zone had the highest average retail price for petrol in October 2023 at N644.16, while the South-West recorded the lowest at N616.81 per litre.
The National Bureau of Statistics (NBS) also noted in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per litre. This reflected a 25.45 per cent increase over the N801.09 per litre paid in October 2022.
“On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’’ it added.
In the state profile analysis, the report highlighted that the highest average price of diesel in October 2023 was recorded in Plateau at N1150.00 per litre, followed by Nasarawa at N1138.00, and Benue at N1091.67.
Conversely, the lowest price was observed in Rivers State at N824.44 per litre, followed by Borno at N827.27, and Kebbi State at N845.00 per litre.
Furthermore, the analysis by zones indicated that the North-Central had the highest diesel price at N1090.69 per litre, while the North-East recorded the lowest price at N947.32 per litre.
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