Petrol price increased by 54.52% in one year – NBS

THE National Bureau of Statistics (NBS) says the average retail price paid by consumers for petrol increased from N166.40 in January 2022 to N257.12 in January 2023.

This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for January 2023 released in Abuja on Tuesday, February 20.

The report said the January 2023 price represented a 54.52 per cent increase when compared to the value recorded in January 2022 at N166.40.

The average retail price in January also increased by 24.70 per cent from N206.19, compared to the average price value in the previous month of December 2022.

The report stated that on profile analysis, Imo State paid the highest average retail price for petrol at N332.14, followed by Rivers and Akwa Ibom states at N327.14 and N319.00 respectively.

Conversely, Sokoto State paid the lowest average retail price for petrol at N191.43, followed by Plateau State at 192.14, and Borno State at N193.91

Analysis by zone showed that the South-East recorded the highest average retail price in January 2023 at N307.85, while the North-Central recorded the lowest at N217.15.

The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for January 2023 that the average retail price paid for diesel by consumers was N828.82 per litre.

It said the January 2023 price amounted to a 187.69 per cent increase from the N288.09 per litre recorded in January 2022.

On a month-on-month basis, the price increased by 1.34 per cent from N817.86 per litre reported in December 2022.

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On state profile analysis, the report said the highest average price of diesel in January 2023 was recorded in Bauchi State at N900.00, followed by Benue State at N885.71, and Adamawa State at N866.67.

On the other hand, the lowest price was recorded in Bayelsa State at N768.75, followed by Edo State at N788.00, and Akwa Ibom State at N788.75.

In addition, the analysis by zone showed that the South-West had the highest price at N845.59, while the South-South recorded the lowest price at N800.49.




     

     

    The president, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Prince Billy Harry, saw the increase in prices of petroleum products as gradually reflecting current global pricing realities.

    Harry said, “There’s a gradual shift to full deregulation with gradual price hike, which I believe the government would effect once the nation’s refineries become fully operational.”

    He noted that deregulation would enable market forces determine the real price of fuel and give marketers a competitive edge to be in business.

    Last week, The ICIR made a survey check on the average price of petrol across the country and discovered that logistic concerns and third party purchases by marketers were still major factors influencing prices across the country.

     

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

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