According to their recent release of the Petrol Price Watch for September 2023 in Abuja on Saturday, the average price has surged from N191.65 in September 2022 to a staggering N626.21 in September 2023.
This surge represents a significant 226.75 percent increase when compared to the price of N191.65 recorded in September 2022. The sharp rise in petrol prices is likely to have widespread implications for consumers, businesses, and the overall economic landscape.
“Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70.
“On state profiles analysis report, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively.
“Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated.
A zone-based analysis of retail fuel prices for September 2023 revealed notable disparities in different regions of Nigeria. The North-East emerged with the highest average retail price at N638.33 per litre, whereas the South-South region posted the lowest price, coming in at N618.47 per litre.
Furthermore, the National Bureau of Statistics (NBS) released its Diesel Price Watch Report for September 2023, highlighting that the national average retail price of diesel stood at N890.80 per litre. This figure marked a substantial 12.77 percent increase compared to the previous year, where consumers paid N789.90 per litre in September 2022.
Delving into the month-on-month changes, the report noted a 4.27 percent price hike from the N854.32 per litre recorded in August 2023. This revealed a steady upward trend in diesel prices.
When examining the state-specific profiles, Kano led the chart with the highest average price of diesel in September 2023, reaching N967.78 per litre. It was closely followed by Anambra at N950.95 per litre and Niger at N950.55 per litre, all of which experienced notably higher prices compared to the national average.
Conversely, Bayelsa reported the lowest price in the country at N840.16 per litre, with Katsina following closely behind at N840.55 per litre and Rivers at N840.82 per litre.