According to the National Bureau of Statistics (NBS), the average retail price of a liter of petrol surged from N202.48 in November 2022 to N648.93 in November 2023.
Released in Abuja on Thursday, the NBS’s Petrol Price Watch for November 2023 revealed that the November 2023 price of N648.93 showcased a staggering 220.49 percent rise compared to the N202.48 price recorded in November 2022.
It said, “Comparing the average price value with the previous month of October 2023, the average retail price increased by 2.90 per cent from N630.63.
“On state profiles analysis, Kebbi paid the highest average retail price of N691.00 per litre, followed by Jigawa and Akwa Ibom at N677.67 and N675.00, respectively.
“Conversely, Taraba, Kaduna and Lagos paid the lowest average retail price at N618.00, N620.29 and N623.12, respectively,’’ it stated.
As per the NBS findings, analysis by regions indicated that the South-South region experienced the highest average retail price of N663.59 in November 2023, while the North-East recorded the lowest price at N632.75 per liter.
Moreover, the NBS highlighted in its Diesel Price Watch Report for November 2023 that the average retail price stood at N1055.57 per liter. This figure marked a 30.50 percent increase from the N808.87 per liter reported in November 2022.
“On a month-on-month basis, the price increased by 5.03 per cent from the N1004.98 per litre recorded in October 2023,’’ it added.
In the state profile analysis, the report outlined that the highest average diesel price in November 2023 was documented in Benue at N1280.00 per liter, trailed closely by Kaduna at N1183.45 and Sokoto at N1183.33.
Conversely, the lowest prices were reported in Rivers at N875.00 per liter, followed by Abia at N900.77 and Bayelsa at N920.00 per liter.
Furthermore, the analysis by zones revealed that the North-Central Zone had the highest average price of N1123.75 per liter, while the South-East region recorded the lowest price at N959.69 per liter.