The National Bureau of Statistics (NBS) has released its April 2023 Petrol Price Watch report, which revealed a slight decrease in the average retail price of petrol from N264.29 in March to N254.06 in April 2023. This represents a decrease of 3.87% in comparison to March prices.
However, the report also indicated a significant increase in the year-on-year petrol price, as prices rose from N172.61 in April 2022 to N254.06 in April 2023, signifying a 47.18% increase.
The report further revealed that Taraba paid the highest average retail price of N320.00 per litre, followed by Imo at N310.55 and Jigawa at N305.00. Conversely, Sokoto paid the lowest average retail price of N195.00, followed by Benue at N198.13 and Kogi with N206.11.
Looking at the zones, the South-East recorded the highest average retail price of N291.15 in April 2023, while the North-Central recorded the lowest average retail price of petrol at N208.88.
In addition, the NBS Diesel Price Watch report for April 2023 also revealed a 28.69% increase in the average retail price of diesel on a year-on-year basis. Diesel prices rose from N654.46 per litre recorded in April 2022 to N842.25 per litre in April 2023. On a month-on-month basis, diesel prices increased by 0.17% from N840.81 in March 2023 to N842.25 in April 2023.
The highest average price of diesel in April 2023 was recorded in Adamawa at N980.33 per litre, followed by Bauchi at N934.46 and Borno at N900.50. Bayelsa recorded the lowest price of N708.04 per litre, followed by Kebbi at N773.33 and Anambra at N773.56.
In conclusion, the NBS reports a slight decrease in petrol prices in April 2023. Nevertheless, year-on-year petrol prices have significantly increased, while diesel prices continue to rise. It is hoped that the government will formulate policies that will ensure more stable prices for these essential commodities.
