The National Bureau of Statistics (NBS) has released alarming data in its Petrol Price Watch and Diesel Price Watch reports for November 2023. The average retail price of petrol skyrocketed from N202.48 in November 2022 to a staggering N648.93 in November 2023, marking a jaw-dropping 220.49% increase. This revelation has sent shockwaves across the nation, sparking concerns and debates on the economic impact and potential policy responses.
According to the NBS, the average retail price of petrol jumped by 2.90% from N630.63 in October 2023, signifying a rapid escalation. The state profiles revealed disparities, with Kebbi paying the highest average retail price of N691.00 per litre, while Taraba, Kaduna, and Lagos paid the lowest average retail prices at N618.00, N620.29, and N623.12 respectively. Moreover, the South-South zone bore the brunt of the price surge, experiencing the highest average retail price of N663.59 per litre, while the North-East recorded the lowest price at N632.75 per litre.
Amidst the petrol price turmoil, the NBS also shed light on the diesel market, reporting an average retail price of N1055.57 per litre in November 2023, representing a substantial 30.50% surge from the N808.87 per litre recorded in November 2022. On a month-on-month basis, the price of diesel increased by 5.03% from the N1004.98 per litre in October 2023. The state profile analysis for diesel unveiled Benue as having the highest average price at N1280.00 per litre, while Rivers recorded the lowest price at N875.00 per litre.
In light of these revelations, stakeholders and policymakers are urged to take decisive action to address the burgeoning fuel prices, which are bound to have widespread implications for consumers, businesses, and the overall economy. The NBS reports serve as a stark reminder of the pressing need for strategic interventions to stabilize the energy market and cushion the populace from the rippling effects of escalating fuel costs.
