NBS reveals fuel prices spike by 210% in one year

The National Bureau of Statistics (NBS) says the price of petrol in Nigeria increased by 210.31 percent year-on-year.

This means Nigerians, in June 2023, paid an average price of N545.83 for a litre of petrol compared to N175.89 in the period last year.

Details on the price movement are contained in the bureau’s latest report on premium motor spirit (PMS) for the month of June.

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“The average retail price paid by consumers for premium motor spirit (petrol) in June 2023 was N545.83, indicating an increase of 210.31 percent relative to the value recorded in June 2022 (N175.89),” the report said.

“Likewise, comparing the average price value with the previous month (i.e. May 2023), the average retail price increased by 129.23 percent from N238.11.”

The price of the product rose to high levels since President Bola Tinubu declared that the petrol subsidy had stopped.

A state profile analysis of petrol prices in Nigeria showed that Taraba had the highest average retail price at N562.86 per litre. Yobe and Kano followed closely, with average retail prices of N562.31 and N561.82 per litre, respectively.

At N534.44 per litre, the NBS said Anambra had the lowest average retail price; while Ebonyi and Oyo trailed with average retail prices of N535 and N537.43 per litre, respectively.

On a zone basis, according to the data bureau, the north-east had the highest average retail price in June 2023.

NBS said the average retail price in the north-east region was N557.03 per litre, while the south-west had the lowest average retail price at N539.36.