Just In : Petrol Price Increase Confirmed (DETAILS)

According to the Petrol Price Watch report for September 2023 released by the National Bureau of Statistics (NBS), the average retail price of one liter of petrol surged from N191.65 in September 2022 to N626.21 in September 2023. This represents a significant increase of 226.75 percent compared to the previous year.

Comparing this with August 2023, the average retail price in September saw a marginal 0.08 percent rise from N626.70. Among the states, Taraba recorded the highest average retail price at N665.56 per liter, followed by Borno and Benue at N657.37 and N641.29, respectively.

Conversely, Rivers, Delta, and Jigawa paid the lowest average retail prices at N602.55, N605.88, and N617.42, respectively.

When analyzed by regions, the North-East had the highest average retail price in September 2023 at N638.33, while the South-South had the lowest at N618.47 per liter.

In the Diesel Price Watch Report for September 2023, the NBS stated that the average retail price was N890.80 per liter. This marked a 12.77 percent increase over the N789.90 per liter recorded in September 2022. On a month-on-month basis, the price grew by 4.27 percent from N854.32 per liter in August 2023.

Examining the states, Kano had the highest average price of diesel in September 2023 at N967.78 per liter, followed by Anambra at N950.95 per liter and Niger at N950.55 per liter. Conversely, Bayelsa recorded the lowest price at N840.16 per liter, followed by Katsina at N840.55 per liter and Rivers at N840.82 per liter.

In terms of regions, the South-East reported the highest price at N918.06 per liter, while the South-South had the lowest price at N863.97 per liter.