Average retail price of petrol up 47% in April – NBS

The average retail price paid by consumers for petrol rose by 47.18 per cent in April, the National Bureau of Statistics (NBS) has said.

The bureau said this in its “Premium Motor Spirit (Petrol) Price Watch” report for April 2023 released on Friday.

The NBS said the average retail price paid by consumers for petrol in April 2023 was N254.06, indicating an increase of 47.18 per cent relative to the value recorded in April 2022 (N172.61).

The bureau also said that comparing the average price value with the previous month (i.e. March 2023), the average retail price decreased by 3.87 per cent from N264.29.

On state profile analysis, the report said Taraba State had the highest average retail price for petrol at N320, followed by Imo at N310 and Jigawa with N305.

On the other hand, Sokoto recorded the lowest average retail price for petrol at N195, followed by Benue at N198 and Kogi at N206.

The NBS said the highest average retail price was recorded in the South-east at N291, while the North-central had the lowest at N208.

Diesel

In its Automotive Gas Oil (diesel) Price Watch report for April 2023, the NBS said the average retail price of diesel paid by consumers was N842 per litre, an increase of 28.69 per cent from N654 per litre recorded in the corresponding month of the previous year.

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On a month-on-month basis, the NBS said this increased by 0.17 per cent from N840 per litre reported in March 2023.

According to the report, the highest average price of the product in April 2023 was recorded in Adamawa at N980, followed by Bauchi at N934.46, and Borno with N900.

It said the lowest price was recorded in Bayelsa at N708, followed by Kebbi at N773 and Anambra with N773.

“The North-east had the highest price at N895.42, while the South-South recorded the lowest price at N807.59,” it said.