The average retail price of a litre of fuel rose from N191.65 in September 2022 to N626.21 in September 2023, according to data from the National Bureau of Statistics (NBS).
This data was included in the Petrol Price Watch for September 2023, which was made public on Saturday in Abuja.
The NBS estimates that the price of N626.21 in September 2023 is a 226.75 percent increase over the price of N191.65 in September 2022.
The average retail price grew from N626.70 by 0.08 percent in August 2023 when compared to the previous month’s average price value.
According to the examination of state profiles, Borno and Benue were second and third, with N657.37 and N641.29, respectively, and Taraba had the highest average retail price at N665.56 per litre.
The lowest average retail prices, at N602.55, N605.88, and N617.42, respectively, were in Jigawa, Rivers, and Delta.
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Zone-by-zone analysis revealed that in September 2023, the North-East had the highest average retail price at N638.33 and the South-South had the lowest at N618.47 per litre.
The average retail price for diesel in September 2023 was N890.80 per litre, according to the NBS’s Diesel Price Watch Report.
It went on to say that the N890.80 per litre price in September 2023 represented an increase of 12.77% above the N789.90 per litre paid in September 2022.
The price rose 4.27 percent month over month from the N854.32 per litre recorded in August 2023, it said.
The highest average price of fuel in September 2023 was reported in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre, according to the state profile analysis.
On the other hand, Bayelsa reported the lowest price of N840.16 per litre, followed by Katsina at N840.55 and Rivers at N840.82.
The research by zones also revealed that the South-East had the highest price per litre at N918.06, while the South-South had the lowest price per litre at N863.97. (NAN).
