October sees a significant increase in fuel price, reaching N630.63 – NBC

The National Bureau of Statistics reports that the average retail price of a litre of fuel increased from N195.29 in October 2022 to N630.63 in October 2023.

The information was disclosed in its October 2023 Petrol Price Watch, which was made available in Abuja on Wednesday.

The price of N630.63 in October 2023 was 222.92 percent more than the price of N195.29 in October 2022, according to NBS.

“The average retail price increased from N626.21 by 0.71 percent when compared to the previous month of September 2023.”

According to state profiles study, Gombe and Borno paid N658.33 and N657.27 per litre, respectively, while Zamfara paid the highest average retail price of N659.38.

In contrast, it said that Delta, Oyo, and Lagos paid the lowest average retail prices, at N599.38, N592.19, and N590.95, respectively.

According to zone-by-zone analysis, the South-West had the lowest average retail price in October 2023 at N616.81 per litre, while the North-East Zone recorded the highest average retail price at N644.16.

The average retail price was N1004.98 per litre, according to the NBS’s Diesel Price Watch Report for October 2023.

READ ALSO: Fuel prices are expected to fall in the near future at filling stations, according to oil dealers

According to it, the price of N801.09 per litre in October 2023 represented a 25.45% increase over the N801.09 per litre paid in October 2022.

“The price increased by 12.82 percent month over month from the N890.80 per litre recorded in September 2023,” the statement continued.

According to a state profile research, Plateau had the highest average fuel price in October 2023—N1150.00 per litre—followed by Nasarawa (N1138.00) and Benue (N1091.67).

Conversely, Rivers State had the lowest price, at N824.44 per litre, followed by Borno at N827.27 and Kebbi State at N845.00.

Furthermore, the zone-by-zone research revealed that the North-East recorded the lowest price per litre at N947.32, while the North-Central region had the highest price at N1090.69.

NAN