Petrol increase to N626.70 in August- NBS

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N189.46 in August 2022 to N626.70 in August 2023.

It made the declaration in its Petrol Price Watch for August 2023, released in Abuja on Friday.

It stated that the Aug. 2023 price of N626.70 represented a 230.78 percent increase over the price of N189.46 recorded in Aug. 2022.

“Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39 percent from N600.35.

“On state profile analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.

“Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63,’’ it stated.

Analysis by zone showed that the North-East recorded the highest average retail price in August 2023 at N636.93 per litre, while the South-South recorded the lowest at N616.95 per litre.

The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was N854.32 per litre.

It explained further that the Aug. 2023 price of N854.32 per litre amounted to an 8.57 percent increase over the N786.88 per litre paid in August 2022.

“On a month-on-month basis, the price increased by 7.53 percent from the N794.48 per litre recorded in July 2023,’’ it added.

On state profile analysis, the report said the highest average price of diesel in August 2023 was recorded in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre.

On the other hand, the lowest price was recorded in Bayelsa at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre.

In addition, the analysis by zone showed that the North-Central had the highest price at N907.86 per litre, while the South-South recorded the lowest price at N820.02 per litre.