Petrol price rises to N630.63 in October - NBS | Guardian Nigeria News


According to the National Bureau of Statistics (NBS), the average retail price of a liter of petrol rose from N195.29 in October 2022 to N630.63 in October 2023.

He made this declaration at the October 2023 Petrol Price Watch released in Abuja on Wednesday.

He said the price of 630.63 Naira in October 2023 represents an increase of 222.92 per cent compared to the price of 195.29 Naira recorded in October 2022.

“Comparing the average price with the previous month of September 2023, the average retail price increased by 0.71 percent from 626.21 Naira.

“According to the state profile analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27 respectively.

“On the contrary, Lagos, Oyo and Delta had the lowest average retail prices at N590.95, N592.19 and N599.38 respectively,” the newspaper said.

A zone-wise analysis shows that the North-East zone recorded the highest average retail price at N644.16 per liter in October 2023, while the South-West zone recorded the lowest price at N616.81 per liter.

NBS also stated in its October 2023 diesel price monitoring report that the average retail price is N1004.98 per liter.

According to the report, the price of N801.09 per liter in October 2023 was an increase of 25.45 per cent over the N801.09 per liter paid in October 2022.

“On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per liter recorded in September 2023,” it added.

According to the report, state profile analysis showed that the highest average diesel price in October 2023 was N1150.00 per liter in Plateau, followed by N1138.00 in Nasarawa and N1091.67 in Benue.

Meanwhile, the lowest price was in Rivers State at 824.44 Naira per liter, followed by Borno State at 827.27 Naira and Kebbi State at 845.00 Naira per liter.

Furthermore, the zone-wise analysis showed that the North-Central region recorded the highest price of NOK 1090.69 per liter and the Northeast recorded the lowest price of NOK 947.32 per liter.

Source: guardian.ng

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