The National Bureau of Statistics (NBS) reports that the mean retail cost per liter of petrol rose from N195.29 in October 2022 to N630.63 in October 2023.
The announcement was made in the Petrol Price Watch for October 2023, issued in Abuja on Wednesday.
The report indicated that the October 2023 price of N630.63 reflected a 222.92 percent surge compared to the N195.29 price recorded in October 2022.
“Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21.”
“On state profile analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively.”
“Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19, and N599.38, respectively,’’ it stated.
Regional analysis revealed that in October 2023, the North-East Zone reported the highest average retail price at N644.16 per litre, with the South-West recording the lowest at N616.81 per litre.
Additionally, according to the NBS Diesel Price Watch Report for October 2023, the average retail price for diesel was N1004.98 per litre.
The report noted that the October 2023 price of N801.09 per litre represented a 25.45 percent increase compared to the N801.09 per litre paid in October 2022.
“On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’’ it added.
In the examination of state profiles, the report indicated that Plateau had the highest average diesel price in October 2023 at N1150.00 per litre, trailed by Nasarawa at N1138.00 and Benue at N1091.67.
Conversely, the lowest diesel prices were registered in Rivers State at N824.44 per litre, followed by Borno at N827.27 and Kebbi State at N845.00 per litre.
Furthermore, the regional breakdown highlighted that the North Central zone had the highest price at N1090.69 per litre, while the North East recorded the lowest price at N947.32 per litre.