Petrol prices surge 230% to N626.70 in August – NBS

NNPC: No planned increase in petrol price at retail outlets
NNPC: No planned increase in petrol price at retail outlets

A recent report from the National Bureau of Statistics (NBS) has revealed a significant surge in the average retail price of petrol in Nigeria.

According to the NBS Petrol Price Watch for August 2023, the average price per liter of petrol skyrocketed by a staggering 230.75%, climbing from N189.46 in August of the previous year to N626.70 in August 2023.

Taraba records highest rates

The NBS unveiled this alarming data in Abuja during its recent report release, as reported by the News Agency of Nigeria.

The report also highlighted a 4.39% increase in the average retail petrol price when compared to the preceding month of July 2023, which stood at N600.35.

A state-wise breakdown of the petrol prices revealed that Taraba had the highest average retail price of N680 per liter, closely followed by Borno and Benue at N657.27 and N649, respectively.

In contrast, Adamawa boasted the lowest average retail price at N594.81 per liter, with Rivers at N596.80 and Delta at N604.63.

Further analysis of the data by region showed that the Northeastern region recorded the highest average retail price for petrol in August 2023, standing at N636.93 per liter.

Meanwhile, the South-South region had the lowest average price at N616.95 per liter.

In addition to petrol prices, the NBS also reported on diesel prices in its Diesel Price Watch Report for August 2023.

According to the report, the average retail price for diesel in August 2023 was N854.32 per liter, marking an 8.57% increase over the N786.88 per liter recorded in August 2022.