Nigerians in the South-East pay an average retail price of N307.85 per litre of Premium Motor Spirit also known as petrol in January as data by the National Bureau of Statistics showed the price of the commodity rose by 55% in the first month of the year.
The data showed that Imo State recorded the highest average retail price which stood at N332.14 per litre while the commodity was sold at an average price of N191.43 per litre in Sokoto State which is the lowest in the country.
The NBS said the average price Nigerians bought the commodity stood at N257.12 per litre which represents an annual increase of 54.52 per cent and a monthly increase of 24.70 per cent.
The NBS reports read in part, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022 (N166.40).
“Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70 per cent from N206.19.”
The report added, “In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with N307.85, while the North-Central had the lowest with N217.15.”