The National Bureau of Statistics (NBS) has reported that the average retail price of a litre of petrol surged from N189.46 in August 2022 to N626.70 in August 2023.
The NBS released its Petrol Price Watch for August 2023 in Abuja on Friday, highlighting the staggering increase in petrol prices. The recorded price of N626.70 in August 2023 reflects a substantial 230.78 per cent increment compared to the N189.46 price recorded in 2022.
Increase in August 2023
An analysis of the petrol prices reveals a 4.39 per cent increase from N600.35 in July 2023 to the average retail price of N626.70 in August 2023.
When examining the state profiles, Taraba paid the highest average retail price of N680 per litre, closely followed by Borno and Benue at N657.27 and N649, respectively. Conversely, Adamawa had the lowest average retail price at N594.81 per litre, trailed by Rivers at N596.80 and Delta at N604.63.
Regional Disparity
Regional analysis indicates that the North-East experienced the highest average retail price of N636.93 per litre in August 2023, whereas the South-South recorded the lowest average retail price at N616.95 per litre.
Diesel Price Increase
In the NBS’ Diesel Price Watch Report for August 2023, it reveals that the average retail price of diesel was N854.32 per litre.
This represented an 8.57 per cent increase from the N786.88 per litre paid in August 2022. Additionally, on a month-on-month basis, the price rose by 7.53 per cent from the N794.48 per litre recorded in July 2023.
State Profiles Analysis
The report highlights the states with the highest average diesel prices in August 2023. Abia had the highest average diesel price at N970 per litre, followed by Niger at N960.14 per litre, and Abuja at N950.22 per litre.
