Petrol Price Skyrockets by 226.75% in One Year, NBS Reports
The National Bureau of Statistics (NBS) has released its Petrol Price Watch for September 2023, revealing that the average retail price of a litre of petrol in Nigeria rose from N191.65 in September 2022 to N626.21 in September 2023. This represents a staggering 226.75% increase in one year.
According to the NBS report, the average retail price of petrol in September 2023 increased by 0.08% from N626.70 in August 2023. The report also showed that the prices varied across states and zones in the country.
Taraba State recorded the highest average retail price of petrol at N665.56 per litre, followed by Borno State at N657.37 per litre and Benue State at N641.29 per litre. On the other hand, Rivers State recorded the lowest average retail price of petrol at N602.55 per litre, followed by Delta State at N605.88 per litre and Jigawa State at N617.42 per litre.
The report also revealed that the North-East zone had the highest average retail price of petrol at N638.33 per litre, while the South-South zone had the lowest at N618.47 per litre.
The NBS also released its Diesel Price Watch for September 2023, showing that the average retail price of diesel was N890.80 per litre. This was a 12.77% increase from N789.90 per litre in September 2022 and a 4.27% increase from N854.32 per litre in August 2023.
The report stated that Kano State had the highest average retail price of diesel at N967.78 per litre, followed by Anambra State at N950.95 per litre and Niger State at N950.55 per litre. The lowest average retail price of diesel was recorded in Bayelsa State at N840.16 per litre, followed by Katsina State at N840.55 per litre and Rivers State at N840.82 per litre.
The report also showed that the South-East zone had the highest average retail price of diesel at N918.06 per litre, while the South-South zone had the lowest at N863.97 per litre.
The NBS reports are based on data collected from across all the 36 states and the Federal Capital Territory (FCT) by its field staff and reflect actual prices households state they actually bought fuel together with the prices reportedly sold by fuel suppliers.
NAN
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