Retail price paid by consumers for petrol increases to N263.76 in February, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of February 2023 was N263.76, indicating a 54.76per cent increase when compared to the N170.42 per litre recorded in January 2022.
The bureau in its “Premium Motor Spirit (Petrol) Price Watch” noted that the average retail price increased by 2.58per cent from N257.12 in January 2023.
The report said: “On State profile analysis, Jigawa State had the highest average retail price for Premium Motor Spirit (Petrol), at N329.17. Rivers and Ebonyi states were next, with N323.33 and N317.14, respectively.
“On the other side, Niger State, Plateau State and Abuja had the lowest average retail prices for Premium Motor Spirit (Petrol), at N198.50, N198.71 and N200.00, respectively.
“Lastly, on the zonal profile, the South-East zone had the highest average retail price of N306.86, while the North-Central zone had the lowest price of N215.01.”
The report on Diesel stated that average consumers payment increased by 168.26per 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.
The report said: “On a month-on-month basis, an increase of 0.98per 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 State 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.”
