Average retail price of petrol in Nigeria up 17.93% in October - NBS

The average retail price paid by consumers for petrol rose by 17.93 per cent year on year in October, the National Bureau of Statistics (NBS) has said.

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

The NBS said the average retail price paid by consumers for petrol for October 2022 was N195.29, indicating a 17.93 per cent increase when compared to the value recorded in October 2021 (N165.60).

Likewise, the bureau said comparing the average price value with the previous month (.i.e. September 2022), the average retail price increased by 1.90 per cent from N191.65.

On state profile analysis, the report said the highest average retail price for petrol was recorded in Kebbi state with N211.00, followed by Kano with N210.14 and Gombe with N210.00.

On the other hand, it said the lowest average retail price for petrol was recorded in Sokoto with N185.00, followed by Taraba with N185.42 and Abia with N186.56.

The NBS said that the highest average retail price was recorded in the North-West with N198.28, while the South-West had the lowest with N192.42.

Diesel increased by 215.30%

The NBS revealed in its Automotive Gas Oil (diesel) Price Watch report for October 2022 that the average retail price of diesel paid by consumers was N801.09 per litre, an increase of 215.30 per cent from N254.07 per litre recorded in the corresponding month of the previous year.

On a month-on-month basis, the NBS said this increased by 1.42 per cent from N789.90 per litre reported in September 2022.

The report noted that on state profile analysis, the state with the highest average price for diesel in October 2022 was Ebonyi which recorded N858.33, followed by Bauchi with N857.50, and Plateau with N856.25.

On the other hand, it said the lowest price was recorded in Akwa Ibom with N748.18, followed by Benue with N750.00 and Edo with N765.91.

“Furthermore, analysis by zone showed that the North-Central had the highest price at N818.41, while the South-South recorded the lowest price at N774.96,” it said.