The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of October 2023 was N630.63, National Bureau of Statistics has said.
In its Premium Motor Spirit (Petrol) Price Watch October 2023 report, the statistics bureau, noted that the price indicated a 222.92% increase when compared to the value recorded in October 2022 (N195.29).
Likewise, comparing the average price value with the previous month (.i.e. September 2023), the average retail price increased by 0.71% from N626.21.
“On State profile analysis, Zamfara State had the highest average retail price for Premium Motor Spirit (Petrol), at N659.38, Gombe and Borno States were next, with N658.33 and N657.27, respectively.
“On the other side, Lagos, Oyo and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N590.95, N592.19 and N599.38 respectively.
“Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N644.16, while the South West Zone had the lowest price of N616.81,” it said.
Similarly, average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 25.45% on a year-on-year basis from a lower cost of N801.09 per liter recorded in the corresponding month of last year (October, 2022) to a higher cost of N1004.98 per liter in October 2023.
The Automotive Gas Oil (Diesel) Price Watch (October 2023) report by the NBS stated that on a month-on-month basis, an increase of 12.82% was recorded from N890.80 in the preceding month of September to an average of N1004.98 in October 2023.
Looking at the variations in the State prices, the top three States with the highest average price of the product in October 2023 were all in North Central zone of the country, these include Plateau State (N1150.00), Nasarawa State (N1138.00) and Benue State (N1091.67).
Furthermore, the least three states with lowest prices were Rivers State (N824.44), Borno State (N827.27) and Kebbi State (N845.00).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central Zone recorded the highest price of N1090.69 while North East Zone has the lowest price N947.32, while considering the zonal analysis.
