The National Bureau of Statistics (NBS) reported a significant surge in the average retail price of a liter of petrol, indicating an increase from N195.29 in October 2022 to N630.63 in October 2023.
This revelation was part of the findings disclosed in the Petrol Price Watch for October 2023, published in Abuja on a Wednesday.
The latest price of N630.63 in October 2023 marks a staggering 222.92 percent escalation compared to the N195.29 price documented in October 2022.
“Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 percent from N626.21.
“On state profiles analysis, Zamfara paid the highest average retail price of N659.38 per liter, followed by Gombe and Borno at N658.33 and N657.27, respectively.
“Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19 and N599.38 respectively,’’ it stated.
Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per liter.
The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per liter.
It said that the October 2023 price of N801.09 per liter amounted to a 25.45 percent increase over the N801.09 per liter paid in October 2022.
“On a month-on-month basis, the price increased by 12.82 percent from the N890.80 per liter recorded in September 2023,’’ it added.
