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Business News of Sunday, 22 January 2023


Average retail price of petrol up 24.38% in December – NBS

Fuel pump Fuel pump

The average retail price paid by consumers for petrol rose by 24.38 per cent in December, the National Bureau of Statistics (NBS) has said.

The bureau said this in its “Premium Motor Spirit (Petrol) Price Watch” for December 2022 released on Saturday.

The NBS said the average retail price paid by consumers for petrol for December 2022 was N206.19 per litre, indicating a 24.38 per cent increase when compared to the value recorded in December 2021 (N165.77).

The bureau also said that comparing the average price value with the previous month (.i.e. November 2022), the average retail price increased by 1.83 per cent from N202.48.

Meanwhile, the report said the highest average retail price for petrol was recorded in Gombe State at N218.89, followed by Kwara with N216.36 and Kogi at N216.00.

On the other hand, it said the lowest average retail price for petrol was recorded in Ebonyi with N195.83, followed by Abuja with N196.00 and Bayelsa with N196.14.

The NBS said that the highest average retail price was recorded in the North-east at N209.64, while the South-South had the lowest at N200.02.

In its Automotive Gas Oil (diesel) Price Watch report for December 2022, the NBS said the average retail price of diesel paid by consumers was N817.86 per litre, an increase of 182.64 per cent from N289.37 per litre recorded in the corresponding month of the previous year.

On a month-on-month basis, the NBS said this increased by 1.11 per cent from N808.87 per litre reported in November 2022.

The report noted that the highest average price for diesel in December 2022 was recorded in Ebonyi at N869.25, followed by Bauchi at N860.00, and Ondo at N856.36.

It said the lowest price was recorded in Akwa Ibom with N773.75, followed by Benue with N777.50 and Borno with N785.00.

“Furthermore, analysis by zone showed that the South-West had the highest price at N841.35, while the South-South recorded the lowest price at N798.54,” it said.