Petrol Retail Price Hits N626 In September -NBS


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The latest report from the National Bureau of Statistics (NBS) shows that the average retail price of petrol increased from N191.65 recorded in September 2022, to N626.21 for the month of September 2023, indicating a 226.75 percent increase.

NBS however, said, comparing the average price value with the previous month of August 2023, the average retail price decreased by 0.08% from N626.70.

The bureau said, on State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N665.56, Borno and Benue States were next, with N657.37 and N641.29, respectively.

On the other side, Rivers, Delta, and Jigawa States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N605.88, and N617.42 respectively.

On Zonal profile, NBS said, the North-East Zone had the highest average retail price of N638.33, while the South-South Zone had the lowest price of N618.47.

The bureau further reported that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 12.77% on a year-on-year basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.

It said, on a month-on-month basis, an increase of 4.27% was recorded from N854.32 in the preceding month of August to an average of N890.80 in September 2023.

The report said, looking at the variations in the State prices, the top three States with the highest average price of the product in September 2023 include Kano State (N967.78), Anambra State (N950.95), and Niger State (N950.55).

Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa State (N840.16), Katsina State (N840.55), and Rivers State (N840.82).

The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that South East Zone has the highest price of N918.06 while South South Zone has the lowest price N863.97 when compared with other Zones.


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