According to the National Bureau of Statistics (NBS), the average retail price of a liter of petrol surged from N195.29 in October 2022 to N630.63 in October 2023, indicating a 222.92% increase. The NBS released the Petrol Price Watch for October 2023 in Abuja, revealing the significant price hike. Comparing with the previous month of September 2023, the average retail price saw a 0.71% increase from N626.21.
In terms of state profiles, Zamfara had the highest average retail price at N659.38 per liter, followed by Gombe and Borno at N658.33 and N657.27, respectively. Conversely, Lagos, Oyo, and Delta had the lowest average retail price at N590.95, N592.19, and N599.38, respectively.
Analyzing by zones, the North-East Zone witnessed the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per liter.
The NBS also reported in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per liter, marking a 25.45% increase over the N801.09 per liter paid in October 2022. On a month-on-month basis, the price observed a 12.82% increase from the N890.80 per liter recorded in September 2023.