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Petrol price increased by 225% in 12 months – NBS

The National Bureau of Statistics (NBS) has stated that the average retail price paid by consumers for Premium Motor Spirit (petrol) for December 2023 was…

The National Bureau of Statistics (NBS) has stated that the average retail price paid by consumers for Premium Motor Spirit (petrol) for December 2023 was N671.86, indicating a 225.85% increase year-on-year.

In a report, the bureau said the value of the product was N206.19 in December 2022.

When compared to the previous month of November 2023, the report said there was an increase of 3.53% from the N648.93 it cost.

On state analysis, it noted that Ogun had the highest average retail price for petrol, at N776.54, Taraba and Adamawa were next, with N760.00 and N745.71, respectively.

“On the other hand, Kano, Lagos and Borno had the lowest average retail prices for petrol, at N602.78, N612.72 and N622.71 respectively.

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Lastly, on the zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.

Meanwhile, another report showed the average retail price of diesel increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month to N1,126.69 per litre in December 2023.

On a month-on-month basis, it said there was an increase of 6.74% from the N1,055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.

“Looking at the variations in the state prices, the top three states with the highest average price of the product in December 2023 included Sokoto (N1,300), Kebbi/Yobe (N1,250) and Jigawa (N1,229.09).

Furthermore, the top three lowest prices were recorded in the following states; Rivers (N897.89), Bayelsa (N935) and Bauchi (N985).

 

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