Nigerians bought petrol in December at N671.86 – NBS
The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, indicating a 225.85 per cent increase when compared to the value recorded in December 2022 (N206.19), the National Bureau of Statistics has said.
In its Premium Motor Spirit (Petrol) Price Watch (December 2023) report, the NBS bureau noted that when compared with the average price value of November 2023, the average retail price increased by 3.53 per cent from N648.93.
On State profile analysis, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.
On the flip side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively.
On a zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.
In a related development, the statistics bureau in its Automotive Gas Oil (Diesel) Price Watch (December 2023) report, stated that average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76 per cent on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023.
On a month-on-month basis, an increase of 6.74 per cent was recorded from N1055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.
Looking at the variations in the State prices, the top three States with the highest average price of the product in December 2023 include Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09).
Furthermore, the top three lowest prices were recorded in the following State namely, Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).
The zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North West zone has the highest price of N1227.31 while the South South zone has the lowest price of N1039.90 when compared with other zones.
