The National Bureau of Statistics (NBS) has reported a substantial increase in the average retail price of one liter of petrol, rising from N191.65 in September 2022 to N626.21 in September 2023. This information was disclosed in the Petrol Price Watch for September 2023, released in Abuja on a Saturday,Daily Trust report.
The September 2023 price of N626.21 reflects a notable surge of 226.75 percent compared to the N191.65 recorded in September 2022. When compared with the previous month, August 2023, the average retail price in September increased marginally by 0.08 percent from N626.70.
The breakdown of state profiles reveals that Taraba had the highest average retail price at N665.56 per liter, followed closely by Borno and Benue at N657.37 and N641.29, respectively. In contrast, Rivers, Delta, and Jigawa had the lowest average retail prices at N602.55, N605.88, and N617.42, respectively.
Regional analysis indicated that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South registered the lowest at N618.47 per liter.
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Furthermore, the NBS disclosed in its Diesel Price Watch Report for September 2023 that the average retail price was N890.80 per liter. This represented a 12.77 percent increase from the N789.90 per liter observed in September 2022. On a month-to-month basis, the price rose by 4.27 percent from the N854.32 per liter recorded in August 2023.
Regarding state profiles for diesel prices, Kano had the highest average price in September 2023 at N967.78 per liter, followed by Anambra at N950.95 per liter and Niger at N950.55 per liter. On the other end, Bayelsa had the lowest price at N840.16 per liter, followed by Katsina at N840.55 per liter and Rivers at N840.82 per liter.
Analyzing the data by regions, the South-East exhibited the highest price at N918.06 per liter, while the South-South recorded the lowest price at N863.97 per liter.
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