The average retail price paid by consumers for Premium Motor Spirit (Petrol) in March 2023 was N264.29.
According to the National Bureau of Statistics in its Petrol Price Watch for March 2023 posted on its website Monday in Abuja, the amount represents a 42.63 per cent increase relative to the value recorded in March 2022 (N185.30).
“Likewise, comparing the average price value with the previous month (i.e. February 2023), the average retail price increased by 0.20% from N263.76,” it said.
On state profile analysis, the statistics bureau stated that “Imo state had the highest average retail price for Premium Motor Spirit (Petrol) with N332.67, followed by Taraba with N330.00 and Borno with N324.55.
“On the other hand, Benue recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N195.00, followed by Plateau with N196.79 and Nasarawa with N197.50.”
In addition, analysis by zone showed that the South-East recorded the highest average retail price in March 2023 with N306.00, while the North-Central had the lowest with N205.10.
In the same vein, the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased from N4,600.57 recorded in February 2023 to N4,610.48 in March 2023.
According to the NBS in its Liquefied Petroleum Gas (Cooking Gas) Price Watch (March 2023), the amount represents a 0.22% month-on-month increase.
“On a year-on-year basis, this rose by 22.03% from N3,778.30 in March 2022. On State profile analysis, Kwara recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,962.87, followed by Abuja with N4,940.00, and Adamawa with N4,915.00.
“On the other hand, Rivers recorded the lowest price with N4,204.45, followed by Abia and Anambra with N4,220.15 and N4,232.75 respectively,” the NBS said.
Analysis on a zone by zone basis showed that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,872.20, followed by the North-West with N4,651.93, while the South-East recorded the lowest with N4,441.55.
“Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.09% on a month-on-month basis from N10,253.39 in February 2023 to N10,262.56 in March 2023. On a year-on-year basis, this rose by 34.72% from N7,617.71 in March 2022,” it said.
