Petrol increase to N626.70 in August- NBS

The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from N189.46 in Aug. 2022 to N626.70 in Aug. 2023. It made the declaration in its Petrol Price Watch for Aug. 2023 released in Abuja. NBS said “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of August 2023 was N626.70, indicating a 230.78% increase when compared to the value recorded in August 2022 (N189.46). Likewise, comparing the average price value with the previous month (.i.e. July 2023), the average retail price increased by 4.39% from N600.35.  On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N680.00, Borno and Benue States were next, with N657.27 and N649.14, respectively. 

“On the other side, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively. Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South South Zone had the lowest price of N616.95. It stated that the Aug. 2023 price of N626.70 represented a 230.78 per cent increase over the price of N189.46 recorded in Aug. 2022. “Comparing the average price value with the previous month of July2023, the average retail price increased by 4.39 per cent from N600.35. 

On state profiles analysis, the report said the highest average price of diesel in Aug. 2023 was recorded in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre. On the other hand, the lowest price was recorded in Bayelsa at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre. In addition, the analysis by zone showed that the North-Central had the highest price at N907.86 per litre, while the South-South recorded the lowest price at N820.02 per litre.