The National Bureau of Statistics (NBS) has reported a substantial rise in the average retail price of petrol in October 2023, reaching N630.63 per litre, compared to N195.29 in October 2022.
This marks a significant 222.92% increase, as revealed in the Petrol Price Watch for October 2023 released in Abuja on Wednesday.
In the NBS report, it was noted that the average retail price showed a 0.71% increase from N626.21 compared to the previous month of September 2023. State-wise, Zamfara had the highest average retail price at N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively. Conversely, Lagos, Oyo, and Delta had the lowest average retail prices at N590.95, N592.19, and N599.38, respectively.
Analysis by zones indicated that the North-East Zone recorded the highest average retail price for petrol in October 2023 at N644.16, while the South-West recorded the lowest at N616.81 per litre.
Additionally, the NBS released its Diesel Price Watch Report for October 2023, revealing an average retail price of N1004.98 per litre. This reflected a 25.45% increase over the N801.09 per litre recorded in October 2022. On a month-on-month basis, diesel prices rose by 12.82% from the N890.80 per litre recorded in September 2023.
State profile analysis for diesel prices showed Plateau had the highest average price at N1150.00 per litre, followed by Nasarawa at N1138.00 and Benue at N1091.67. Conversely, Rivers State had the lowest recorded diesel price at N824.44 per litre, followed by Borno at N827.27 and Kebbi State at N845.00 per litre.
Zone-wise, the North-Central had the highest diesel price at N1090.69 per litre, while the North-East recorded the lowest at N947.32 per litre.
