Petrol price jumped to N626.21 in September – NBS

The average retail price of a litre of petrol jumped to N626.21 in September 2023, the National Bureau of Statistics (NBS) has revealed. The jump indicates a significant 226.75 percent increase year-on-year.

The statistics office stated this in its Petrol Price Watch for September 2023, which was made public on Saturday in Abuja.

“Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 percent from N626.70.

“On state profiles analysis report, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively.

“Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated.

Analysis by zones showed that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South recorded the lowest at N618.47 per litre.

In its Diesel Price Watch Report for September 2023, the NBS also revealed that the average retail price was N890.80 per litre.

It went on to say that the September 2023 price of N890.80 per litre represented a 12.77 percent rise over the N789.90 per litre paid in September 2022.

“On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added.

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According to the report’s state profile study, Kano had the highest average price of diesel in September 2023 at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre.

Bayelsa had the lowest pricing at N840.16 per litre, followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre.

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In addition, a zone analysis revealed that the South-East has the highest price at N918.06 per liter, while the South-South has the lowest price at N863.97 per litre.