The cost of petrol increased to N630.63 in October, according to the National Bureau of Statistics (
The National Bureau of Statistics reported that the average retail price of a liter of petrol surged from N195.29 in October 2022 to N630.63 in October 2023, as outlined in its Petrol Price Watch for October 2023 released in Abuja on Wednesday. The NBS highlighted that the October 2023 price of N630.63 marked a substantial 222.92% increase from the N195.29 price recorded in October 2022.
In comparison with the preceding month of September 2023, the average retail price experienced a 0.71% increase from N626.21.
"In the examination of state profiles, Zamfara had the highest average retail price of N659.38 per liter, trailed by Gombe and Borno at N658.33 and N657.27, respectively.
In contrast, Lagos, Oyo, and Delta had the lowest average retail prices at N590.95, N592.19, and N599.38, respectively," the report stated.
Zone-wise analysis revealed that the North-East Zone recorded the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per liter.
According to the Diesel Price Watch Report for October 2023 released by the NBS, the average retail price of diesel stood at N1004.98 per liter. The report noted that the October 2023 price of N801.09 per liter represented a 25.45% increase over the N801.09 per liter recorded in October 2022.
The report added, "On a month-on-month basis, the price increased by 12.82% from the N890.80 per liter recorded in September 2023."
In terms of state profiles, Plateau recorded the highest average diesel price in October 2023 at N1150.00 per liter, followed by Nasarawa at N1138.00 and Benue at N1091.67. Conversely, the lowest prices were observed in Rivers State at N824.44 per liter, followed by Borno at N827.27, and Kebbi State at N845.00 per liter.
Zone-wise analysis indicated that the North-Central had the highest price of N1090.69 per liter, while the North-East recorded the lowest price at N947.32 per liter.
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