By Oluwatosin Maliki
The National Bureau of Statistics (NBS) has released its latest petrol and diesel price report for September 2023, shedding light on significant changes in fuel costs.
In this recent release from the NBS, the average retail price of a litre of petrol in September 2023 surged to N626.21, a remarkable 226.75% increase compared to N191.65 recorded in September 2022. This eye-catching price hike indicates the growing strain on consumers’ pockets.
Comparing September 2023 to the previous month of August, the average retail price showed a minor uptick of 0.08%, moving from N626.70.
A state-by-state analysis reveals disparities in petrol costs across the country. Taraba claimed the highest average retail price at N665.56 per litre, with Borno and Benue following closely at N657.37 and N641.29, respectively. In contrast, Rivers, Delta, and Jigawa reported the lowest average retail prices, ranging from N602.55 to N617.42.
Regionally, the North-East recorded the highest average retail price in September 2023, standing at N638.33, while the South-South registered the lowest at N618.47 per litre.
The NBS report further unveils that diesel prices also experienced a notable surge. Diesel’s average price in September 2023 reached N890.80 per litre, marking a 12.77% increase compared to the N789.90 per litre recorded in September 2022. On a monthly basis, the price increased by 4.27% from N854.32 per litre in August 2023.
Regarding diesel prices across states, Kano reported the highest average price at N967.78 per litre, with Anambra and Niger not far behind at N950.95 and N950.55 per litre, respectively. In contrast, Bayelsa claimed the lowest diesel price at N840.16 per litre, followed by Katsina at N840.55 and Rivers at N840.82 per litre.
On a regional scale, the South-East presented the highest average diesel price at N918.06 per litre, while the South-South reported the lowest at N863.97 per litre.
These findings from the NBS highlight the escalating cost of fuel and its implications for both individuals and the economy at large.