Petrol prices increased by 225% in 12 months, reveals NBS report

Petrol prices increased by 225% in 12 months, reveals NBS report

The National Bureau of Statistics (NBS) has released a report indicating a staggering 225.85% year-on-year increase in the average retail price of Premium Motor Spirit (petrol) for December 2023. Consumers paid an average of N671.86 per litre, compared to N206.19 in the same month of 2022.

The report further noted a 3.53% increase from November 2023, when the average price stood at N648.93. State-wise, Ogun had the highest average retail price at N776.54, followed by Taraba and Adamawa at N760.00 and N745.71, respectively.

Conversely, Kano, Lagos, and Borno reported the lowest average retail prices for petrol, with figures of N602.78, N612.72, and N622.71, respectively. Looking at the zonal profile, the North East Zone recorded the highest average retail price at N699.82, while the North Central Zone had the lowest at N657.69.

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In a parallel report, diesel prices also witnessed a significant year-on-year increase of 37.76%, rising from N817.86 per litre in December 2022 to N1,126.69 per litre in December 2023. On a month-on-month basis, there was a 6.74% increase from N1,055.57 in November 2023 to the December average of N1,126.69.

Analyzing state variations, Sokoto, Kebbi/Yobe, and Jigawa reported the highest average prices for diesel in December 2023 at N1,300, N1,250, and N1,229.09, respectively. Conversely, Rivers, Bayelsa, and Bauchi recorded the lowest prices at N897.89, N935, and N985, respectively.

The NBS report highlights the substantial surge in fuel prices, impacting consumers and raising concerns about the economic implications of these increases.

Petrol prices increased by 225% in 12 months, reveals NBS report