Price Of Petrol Was At N626.21 In September- NBS

The Department of Petroleum Resources has stated that it is making efforts to capture all the 33,000 petrol retail outlets in the country in its Downstream Remote Monitoring System by the end of the year in order to address the challenge of petrol smuggling and other illegal activities in the downstream oil sector.

The average retail price of a litre of petrol rose from N191.65 in September 2022 to N626.21 in September 2023, according to the National Bureau of Statistics (NBS).

It stated as much in its Petrol Price Watch for September 2023, which was published on Saturday in Abuja. It was noted that the price of N626.21 in September 2023 constituted a 226.75% increase over the price of N191.65 in September 2022.

“Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70.

“On state profiles analysis, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively.

“Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated.

Analysis by zones revealed that the South-South had the lowest average retail price in September 2023 at N618.47 per litre, while the North-East had the highest average retail price at N638.33. Additionally, the NBS reported that the average retail price for diesel for September 2023 was N890.80 per litre in its Diesel Price Watch Report.

It went on to say that the N890.80 per litre pricing in September 2023 represented a 12.77% rise over the N789.90 per litre paid in September 2022.

“On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added.

On state profile analysis, the report said the highest average price of diesel in September 2023 was recorded in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre.

On the other hand, the lowest price was recorded in Bayelsa at N840.16 per litre followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre.

In addition, the analysis by zones showed that the South-East has the highest price at N918.06 per litre, while the South-South recorded the lowest price at N863.97 per litre.

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