The National Bureau of Statistics (NBS) has issued a concerning report, revealing that the average retail price of a litre of petrol in Nigeria skyrocketed from N191.65 in September 2022 to a staggering N626.21 in September 2023. This dramatic increase, amounting to a colossal 226.75 per cent surge, was brought to light in the NBS’s Petrol Price Watch for September 2023, released in Abuja over the weekend.
The NBS report indicated that this steep rise also manifested on a monthly scale, with the average retail price edging up by 0.08 per cent compared to August 2023’s N626.70.
Examining state profiles, Taraba recorded the highest average retail price of N665.56 per litre, closely followed by Borno and Benue at N657.37 and N641.29, respectively. In contrast, Rivers, Delta, and Jigawa registered the lowest average retail prices at N602.55, N605.88, and N617.42, respectively.
The regional breakdown illustrated that the North-East bore the brunt of these price hikes, with the highest average retail price in September 2023 at N638.33. Conversely, the South-South enjoyed the most favourable prices at N618.47 per litre.
The NBS also shared insights from its Diesel Price Watch Report for September 2023, underscoring a significant surge in diesel prices. The average retail price for diesel in September 2023 soared to N890.80 per litre, reflecting a substantial 12.77 per cent increase from the N789.90 per litre recorded in September 2022.
On a month-to-month basis, the NBS data showed a 4.27 per cent hike from August 2023’s N854.32 per litre.
Looking at the state-by-state profile for diesel, Kano led the chart with the highest average price in September 2023 at N967.78 per litre, trailed by Anambra at N950.95 per litre and Niger at N950.55 per litre. At the other end of the spectrum, Bayelsa reported the lowest diesel prices at N840.16 per litre, with Katsina at N840.55 per litre and Rivers at N840.82 per litre not far behind.
Regional analysis further unveiled the South-East as the region grappling with the highest diesel prices at N918.06 per litre, while the South-South region enjoyed relatively lower prices at N863.97 per litre. These significant price surges in both petrol and diesel are poised to have far-reaching consequences for consumers and the nation’s economy.