In a recent report released by the National Bureau of Statistics (NBS), the average retail price of petrol in Nigeria has skyrocketed from N191.65 in September 2022 to a staggering N626.21 in September 2023. This substantial increase, amounting to a 226.75% rise, was detailed in the NBS’s Petrol Price Watch for September 2023, which was made public in Abuja over the weekend.
Comparing the most recent data with the previous month of August 2023, the average retail price saw a minor 0.08% increase from N626.70.
When looking at specific states, the report revealed that Taraba had the highest average retail price for a litre of petrol at N665.56, closely followed by Borno and Benue at N657.37 and N641.29, respectively. Conversely, Rivers, Delta, and Jigawa enjoyed the lowest average retail prices at N602.55, N605.88, and N617.42, respectively.
Analyzing the data by geographical zones, the North-East had the highest average retail price for petrol in September 2023 at N638.33, while the South-South registered the lowest price at N618.47 per litre.
In a separate report, the NBS highlighted that the average retail price of diesel also experienced a significant increase, jumping to N890.80 per litre in September 2023 from N789.90 per litre in the same month of the previous year, marking a 12.77% rise.
Breaking down the diesel prices further, Kano reported the highest average price of diesel in September 2023 at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre. Conversely, the lowest diesel prices were recorded in Bayelsa at N840.16 per litre, followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre.
When observing the regional breakdown, the South-East region had the highest diesel prices at an average of N918.06 per litre, while the South-South region recorded the lowest price at N863.97 per litre.