Shocking Revelation: NBS Reports 225.85% Surge In Fuel Price Within One Year Of Subsidy Removal

According to the statistics bureau, petrol sold at the highest price in Ogun state, at N776.54, with Taraba and Adamawa following closely with pump prices of N760.00 and N745.71, respectively.

The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, indicating a 225.85% increase when compared to the value recorded in December 2022 (N206.19). Likewise, comparing the average price value with the previous month (.i.e. November 2023), the average retail price increased by 3.53% from N648.93. On State profile analysis, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.

“On the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively. Lastly, on the Zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.”

Ireporteronline recalls that Bola Tinubu immediately removed fuel subsidy upon assuming office as the country’s president.