Average price of petrol increases to N630.63/ litre, says NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that the average retail price paid by consumers for Premium Motor Spirit or Petrol) for October 2023 was N630.63.
This is 222.92per cent increase when compared to the N195.29/ litre recorded in October 2022.
NBS in its “Premium Motor Spirit (Petrol) Price Watch” for October disclosed that the average retail price value for September 2023 increased by 0.71per cent from N626.21/ litre.
According to the report, Zamfara State had the highest average retail price for Premium Motor Spirit (Petrol), at N659.38, Gombe and Borno States were next, with N658.33 and N657.27, respectively.
“On the other side, Lagos, Oyo and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N590.95, N592.19 and N599.38 respectively.
“Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N644.16, while the South West Zone had the lowest price of N616.81,” the report disclosed.
The NBS report on Liquefied Petroleum Gas or Cooking Gas showed that its average retail price for refilling a 5kg Cylinder increased by 8.89per cent on a month-on-month basis from N4,189.96 recorded in September 2023 to N4,562.51 in October 2023.
The report stated that, “On a year-on-year basis, this increased by 1.76per cent from N4,483.75 in October 2022. On state profile analysis, Kano recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N5,181.43, followed by Adamawa with N5,142.86, and Ogun with N5,093.75.
“On the other hand, Ebonyi recorded the lowest price with N3,971.43, followed by Osun and Edo with N4,000.00 and N4,025.00 respectively. In addition, analysis by zone showed that the North-West recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,738.20, followed by the North-Central with N4,662.62, while the South-East recorded the lowest with N4,088.65.
“Also, the average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 14.04% on a month-on-month basis from N9,247.40 in September 2023 to N10,545.87 in October 2023.
On a year-on-year basis, this rose by 4.93% from N10,050.53 in October 2022. On state profile analysis, Edo recorded the highest average retail price for the refilling of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N12,536.88, followed by Jigawa with N12,050.00 and Delta with N11,987.50. Conversely, the lowest average price was recorded in Zamfara with N9,050.00, followed by Lagos and Oyo with N9,071.05 and N9,407.14 respectively.
“Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N11,480.60, followed by the North-Central with N10,683.97, while the South-East recorded the lowest price with N9,847.42.”
