According to the National Bureau of Statistics (NBS), the average retail price of a litre of gasoline has risen from N189.46 in August 2022 to N626.70 in August 2023. It made the announcement in its Petrol Price Watch for August 2023, which was announced in Abuja on Friday.
It claimed that the August 2023 price of N626.70 constituted a 230.78% increase over the August 2022 price of N189.46.
“Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39 per cent from N600.35.
“On state profiles analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.
“Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63,’’ it stated.
Analysis by zone showed that the North-East recorded the highest average retail price in Aug.2023 at N636.93 per litre, while the South-South recorded the lowest at N616.95 per litre.
The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was N854.32 per litre. It explained further that the Aug. 2023 price of N854.32 per litre amounted to a 8.57 per cent increase over the N786.88 per litre paid in August 2022.
“On a month-on-month basis, the price increased by 7.53 per cent from the N794.48 per litre recorded in July 2023,’’ it added.
According to the report’s state profiles study, the highest average diesel price in August 2023 was reported in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre.
Bayelsa State had the lowest price at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre.
Furthermore, by zone, the North-Central had the highest price at N907.86 per litre, while the South-South had the lowest price at N820.02 per litre.