Average retail price of petrol in Nigeria up by 54% – NBS

The average retail price paid by consumers for petrol rose by 54.76 per cent in February, the National Bureau of Statistics (NBS) has said.

The bureau said this in its “Premium Motor Spirit (Petrol) Price Watch” for February 2023 released on Monday.

The NBS said the average retail price paid by consumers for petrol in February 2023 was N263.76, indicating a 54.76 per cent increase when compared to the value recorded in February 2022 (N170.42).

The bureau also said that comparing the average price with the previous month (.i.e. January 2023), the average retail price increased by 2.58 percent from N257.12.

On state profile analysis, the report said Jigawa state had the highest average retail price for petrol at N329.17, followed by Rivers and Ebonyi at N323.33 and N317.14, respectively.

On the other hand, Niger State recorded the lowest average retail price at N198.50, followed by Plateau at N198.71 and Abuja at N200.00.

The NBS said that the highest average retail price was recorded in the South-East at N306.86, while the North-Central had the lowest at N215.01.

In its Automotive Gas Oil (diesel) Price Watch report for February 2023, the NBS said the average retail price of diesel paid by consumers increased by 168.26 per cent on a year-on-year basis. The bureau said the price moved from a lower cost of N311.98 per litre recorded in the corresponding month of last year to a higher cost of N836.91 per litre in February 2023.

On a month-on-month basis, the NBS said an increase of 0.98 per cent was recorded from N828.82 in the preceding month of January to an average of N836.91 in February 2023.

According to the report, the top three States with the highest average price of the product in February 2023 include Bauchi at N904.33, Abuja at N885.00 and Adamawa at N873.33.

It said the lowest price was recorded in Bayelsa at N767.14, Katsina at N778.75 and Edo at N789.43.

“The Zonal representation of average price of diesel shows that North Central has the highest price of N850.65 while the South-South zone has the lowest price of N814.63 when compared with other zones,” it said.

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