The National Bureau of Statistics (NBS) disclosed that the mean retail price for a liter of petrol saw a significant upswing, moving from N195.29 in October 2022 to N630.63 by October 2023.
The announcement was made in Abuja on Wednesday as part of the National Bureau of Statistics (NBS) Petrol Price Watch for October 2023.
The report highlighted a substantial 222.92% surge, stating that the October 2023 price of N630.63 reflected a significant increase compared to the N195.29 recorded in October 2022.
‘Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21.’
‘On state profile analysis, Zamfara paid the highest average retail price of N659.38 per litre, 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.
Breaking down the analysis by zones, the North-East Zone took the lead with the highest average retail price in October 2023, standing at N644.16 per litre, whereas the South-West registered the lowest price at N616.81 per litre.
The NBS Diesel Price Watch Report for October 2023 affirmed that the average retail price per litre was N1004.98, according to the statistics bureau.
The NBS underscored a 25.45% surge, indicating that the October 2023 price of N801.09 per litre was notably higher compared to the N801.09 per litre paid in October 2022.
‘On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’ it added.
On state profile analysis, the report said the highest average price of diesel in October 2023 was recorded in Plateau at N1150.00 per litre, followed by Nasarawa at N1138.00 and Benue at N1091.67.
Conversely, the bottom line was seen in Rivers State, registering the lowest price at N824.44 per litre, with Borno at N827.27 and Kebbi State at N845.00 per litre.
Adding to this, the analysis by zones disclosed that North Central recorded the highest price at N1090.69 per litre, while the North East marked the lowest at N947.32 per litre.