NBS Report: Petrol Price Soars by Over 200% in One Year

Israel Adeleke

The National Bureau of Statistics (NBS) has revealed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of September 2023 was N626.21, indicating a 226.75% increase when compared to the value recorded in September 2022 (N191.65).

The organization released the data on its website, stating that it is the Executive summary for Premium Motor Spirit (Petrol) Price Watch for September 2023.

The report also showed that the average price decreased by 0.08% from N626.70 in August 2023.

This implies that consumers paid slightly less for Petrol in September than in August, despite the high inflation rate and scarcity of foreign exchange.

The NBS report further revealed that the average retail price of Petrol varied across states and zones in the country.

On state profile analysis, Taraba State had the highest average price of N665.56, followed by Borno and Benue States with N657.37 and N641.29, respectively.

On the other hand, Rivers, Delta, and Jigawa States had the lowest average prices of N602.55, N605.88, and N617.42, respectively.

On the zonal level, the North-East Zone had the highest average price of N638.33, while the South-South Zone had the lowest price of N618.47.

The data source is available on the [NBS website].

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