Petrol price rises by 54.76%  in Feb 2023, says NBS

National Bureau of Statistics (NBS), has said that the  average retail price paid by consumers for Premium Motor Spirit (Petrol) in February 2023 was N263.76, indicating a 54.76 per cent  increase when compared to the value recorded in February 2022 (N170.42).

According to  a statement obtained from the bureau’s website, comparing the average price with the previous month (.i.e. January 2023), the average retail price increased by 2.58 per cent  from N257.12.

On state profile analysis, Jigawa State  had the highest average retail price for Premium Motor Spirit (Petrol) with N329.17, followed by Rivers and Ebonyi with N323.33 and N317.14, respectively. On the other hand, Niger State had the lowest average retail price with N198.50, followed by Plateau State with N198.71 and Abuja with N200.00. In addition, analysis by zone showed that the South-East had the highest average retail price in Feb ruary 2023 with N306.86, while the North-Central had the lowest with N215.01.

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Similarly, the statement noted, the  average retail price of automotive gas oil (Diesel) paid by consumers increased by 168.26 per cent  on a year-on-year basis from a lower cost of N311.98 per litre recorded in the corresponding month of last year to a higher cost of N836.91 per litre in February 2023.

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“On a month-on-month basis, an increase of 0.98 per cent  was recorded from N828.82 in the preceding month of January to an average of N836.91 in February 2023…”

“Looking at the variations in the state prices, the top three states with the highest average price of the product in February 2023 include Bauchi (N904.33), Abuja (N885.00) and Adamawa (N873.33). Furthermore, the top three lowest prices were recorded in the following states,  namely, Bayelsa (N767.14), Katsina (N778.75) and Edo (N789.43). The zonal representation of average price of automotive gas oil (Diesel) shows that North Central has the highest price of N850.65 while South-South zone has the lowest price N814.63 when compared with other zones,” NBS, said.

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