NBS Says Petrol Price Increased By 54.76% A Litre In 1 Year

The National Bureau of Statistics, NBS, has disclosed that the average retail price of a litre of Petrol increased from N170.42 in February 2022 to N263.76 in February 2023.

It made the declaration in its Petrol Price Watch for February 2023 released in Abuja on Tuesday.

It stated that the February 2023 price of N263.76 represented a 54.76 per cent increase over the price of N170.42 recorded in February 2022.

“Comparing the average price value with the previous month of January 2023, the average retail price increased by 24.58 per cent from N257.12.

“On states profiles analysis, Jigawa paid the highest average retail price of N329.17 per litre, followed by Rivers and Ebonyi at N323.33 and N317.14, respectively.

“Conversely, Niger paid the lowest average retail prices of N198.50 per litre, followed by Plateau at N198.71 and Abuja at N200,’’ it stated.

Analysis by zone showed that the Southeast recorded the highest average retail price in February 2023 at N306.86 per litre, while the North Central recorded the lowest at N215.01 per litre.

The NBS also stated in its Diesel Price Watch Report for February 2023 that the average retail price was N836.91 per litre.