Fuel price increased by 215.75 percent in July - NBS discloses

The average price paid by Nigerians for Premium Motor Spirit, known as fuel, increased by 215.95 per cent in July 2023 compared with the value it recorded in the same month last year.

The National Bureau of Statistics recently disclosed this in its July Premium Motor Spirit (Petrol) Price Watch.

The report stated that the average fuel price jumped to N600.25 per litre in July, indicating a 9.99 per cent increment from the value it sold for in June.

On State profile analysis, Borno State had the highest average retail price for Premium Motor Spirit (Petrol), at N657.27. On the other hand, Edo, Kwara and Benue States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N530.00, N535.44 and N537.00, respectively.

Accordingly, a zonal analysis of the report said the North-East Zone had the highest average retail price of N630.13, while the North Central Zone had the lowest price of N551.58.

“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for July 2023 was N600.35, indicating a 215.95 per cent increase when compared to the value recorded in July 2022 (N190.01)”, the report stated.

Daily Post recalls that following fuel subsidies removal, the pump price of fuel increased to over N600/per litre nationwide.