The National Bureau of Statistics (NBS) has reported an increase in the average retail prices of fuel and diesel in Nigeria. Between October 2022 and October 2023, the price of gasoline surged by 222.92%, with the average cost per liter rising from N195.29 to N630.63 in October 2023, according to the NBS’s Petrol Price Watch.

In October 2023 alone, the average retail price of gasoline increased by 0.71% compared to September 2023. The price discrepancies across the country are notable, with Zamfara State having the highest average retail price at N659.38 per liter, followed by Gombe and Borno at N658.33 and N657.27 per liter, respectively. Conversely, Lagos, Oyo, and Delta had the lowest average retail prices at N590.95, N592.19, and N599.38 per liter.

A regional analysis revealed that in October 2023, the North-East Zone had the highest average retail price for gasoline at N644.16 per liter, while the South-West Zone had the lowest at N616.81 per liter.

The NBS also released its Diesel Price Watch Report for October 2023, indicating an average retail price of N1004.98 per liter, representing a 12.82% increase from September 2023.

It is worth noting that the removal of the fuel subsidy by President Bola Tinubu upon assuming office led to a substantial spike in the pump price of fuel from N189 per liter to its current rate of over N600.