Petrol price increases to ₦626.70 in August - NBS
The average retail price of a litre of petrol increased from ₦189.46 in Aug. 2022 to ₦626.70 in Aug. 2023.
Petrol increase to ₦626.70 in August - NBS (Credit: REUTERS/Francis Mascarenhas/File Photo)
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The National Bureau of Statistics (NBS), says the average retail price of a litre of Petrol increased from ₦189.46 in Aug. 2022 to ₦626.70 in Aug. 2023.
It made the declaration in its Petrol Price Watch for Aug. 2023 released in Abuja on Friday. It stated that the Aug. 2023 price of ₦626.70 represented a 230.78% increase over the price of ₦189.46 recorded in Aug. 2022.
“Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39% from ₦600.35.
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“On state profiles analysis, Taraba paid the highest average retail price of ₦680 per litre, followed by Borno and Benue at ₦657.27 and ₦649, respectively.
“Conversely, Adamawa paid the lowest average retail prices of ₦594.81 per litre, followed by Rivers at ₦596.80 and Delta at ₦604.63,’’ it stated.
Analysis by zone showed that the North-East recorded the highest average retail price in Aug.2023 at ₦636.93 per litre, while the South-South recorded the lowest at ₦616.95 per litre. The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was ₦854.32 per litre.
It explained further that the Aug. 2023 price of ₦854.32 per litre amounted to a 8.57% increase over the ₦786.88 per litre paid in August 2022.
“On a month-on-month basis, the price increased by 7.53% from the ₦794.48 per litre recorded in July 2023,’’ it added.
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On state profiles analysis, the report said the highest average price of diesel in Aug. 2023 was recorded in Abia at ₦970 per litre, followed by Niger at ₦960.14 per litre and Abuja at ₦950.22 per litre.
On the other hand, the lowest price was recorded in Bayelsa at ₦700 per litre, followed by Katsina State at ₦771.43 per litre and Kaduna State at ₦775.42 per litre. In addition, the analysis by zone showed that the North-Central had the highest price at ₦907.86 per litre, while the South-South recorded the lowest price at ₦820.02 per litre.
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