The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from ₦195.29 in October 2022 to ₦630.63 in October 2023.
It made the declaration in its Petrol Price Watch for October 2023 released in Abuja on Wednesday. It stated that the October 2023 price of ₦630.63 represented a 222.92% increase over the price of ₦195.29 recorded in October 2022.
“Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71% from ₦626.21.
“On state profiles analysis, Zamfara paid the highest average retail price of ₦659.38 per litre, followed by Gombe and Borno at ₦658.33 and ₦657.27, respectively.
“Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at ₦590.95, ₦592.19 and ₦599.38 respectively,’’ it stated.
Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at ₦644.16, while the South-West recorded the lowest price at ₦616.81 per litre. The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was ₦1004.98 per litre.
It said that the October 2023 price of ₦801.09 per litre amounted to a 25.45% increase over the ₦801.09 per litre paid in October 2022.
“On a month-on-month basis, the price increased by 12.82% from the ₦890.80 per litre recorded in September 2023,’’ it added.
On state profile analysis, the report said the highest average price of diesel in October 2023 was recorded in Plateau at ₦1150.00 per litre, followed by Nasarawa at ₦1138.00 and Benue at ₦1091.67.
On the other hand, the lowest price was recorded in Rivers State at ₦824.44 per litre followed by Borno at ₦827.27 and Kebbi State at ₦845.00 per litre.
In addition, the analysis by zones showed that the North-Central had the highest price of ₦1090.69 per litre, while North- East recorded the lowest price at ₦947.32 per litre.