Petrol price increased to N648.93 in November - NBS

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N202.48 in November 2022 to N648.93 in November 2023.

NBS said this in its Petrol Price Watch for November 2023, released in Abuja on Thursday.

It stated that the November 2023 price of N648.93 represented a 220.49 percent increase over the price of N202.48 recorded in November 2022.

“Comparing the average price value with the previous month of October 2023, the average retail price increased by 2.90 percent from N630.63.

“On state profile analysis, Kebbi paid the highest average retail price of N691.00 per litre, followed by Jigawa and Akwa Ibom at N677.67 and N675.00, respectively.

“Conversely, Taraba, Kaduna, and Lagos paid the lowest average retail price at N618.00, N620.29, and N623.12, respectively,’’ it stated.

Analysis by zones showed that the South-South recorded the highest average retail price in November 2023 at N663.59, while the North-East recorded the lowest price of N632.75 per litre.

The NBS also stated in its Diesel Price Watch Report for November 2023 that the average retail price was N1055.57 per litre.

It said that the November 2023 price of N1055.57 per litre amounted to a 30.50 percent increase over the N808.87 per litre paid in November 2022.

“On a month-on-month basis, the price increased by 5.03 per cent from the N1004.98

per litre recorded in October 2023,’’ it added.

On state profile analysis, the report said the highest average price of diesel in November 2023 was recorded in Benue at N1280.00 per litre, followed by Kaduna at N1183.45 and Sokoto at N1183.33.

On the other hand, the lowest price was recorded in Rivers at N875.00 per litre, followed by Abia at N900.77 and Bayelsa at N920.00 per litre.

In addition, the analysis by zones showed that the North-Central Zone has the highest price of N1123.75 per litre, while the South-East recorded the lowest price at N959.69 per litre.