Petrol Price Increases By 54.52%, NBS Confirms

The National Bureau of Statistics (NBS) has confirmed that the average retail price paid by consumers for petrol increased from N166.40 in January, 2022 to N257.12 in January, 2023.
This is according to the NBS’s Premium Motor Spirit (Petrol) Price Watch for January, 2023 released in Abuja, recently.
The report said the January 2023 price represented a 54.52 per cent increase when compared to the value recorded in January, 2022 at N166.40.
“Comparing the average price value with the previous month of December, 2022, the average retail price increased by 24.70per cent from N206.19.
On state profiles’ analysis, the NBS said that Imo paid the highest average retail price for petrol at N332.14, followed by Rivers and Akwa Ibom at N327.14 and N319.00, respectively.
Conversely, Sokoto paid the lowest average retail price for petrol, at N191.43, followed by Plateau at 192.14, and Borno at 193.91
Analysis by zone showed that the South-East recorded the highest average retail price in January 2023 at N307.85, while the North-Central recorded the lowest at N217.15.
The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for January 2023, that the average retail price paid for diesel by consumers was N828.82 per litre.
It said the January 2023 price amounted to a 187.69per cent increase from the N288.09 per litre recorded in January 2022.
“While on a month-on-month basis, the price increased by 1.34per cent from N817.86 per litre reported in December 2022.”
On state profile analysis, the report said the highest average price of diesel in January 2023 was recorded in Bauchi at N900.00, followed by Benue at N885.71, and Adamawa at N866.67.
On the other hand, the lowest price was recorded in Bayelsa at N768.75, followed by Edo at N788.00, and Akwa Ibom at N788.75.
In addition, the analysis by zone showed that the South-West had the highest price at N845.59, while the South-South recorded the lowest price at N800.49.