Average price of petrol in September was N195.29 per litre- NBS

The National Bureau of Statistics (NBS) says consumers paid N195.29 for a litre of Premium Motor Spirit (Petrol) on the average in October 2022.

It stated in its “Premium Motor Spirit (Petrol) Price Watch” for October 2022 that the average price was a 17.93 per cent increase over the N165.60 paid in October 2021.

“Likewise, comparing the average price value with the previous month of September 2022, the average retail price increased by 1.90 per cent from N191.65.”

The NBS said on state profile analysis, Kebbi state paid the highest average retail price for petrol at N211.00 in September 2022, followed by Kano at N210.14 and Gombe at N210.00.

Conversely, the report said consumers in Sokoto State paid the lowest average retail price for petrol at N185.00, followed by Taraba at N185.42 and Abia at N186.56.

It said analysis by zones showed that the North-West recorded the highest average retail price of petrol in October at N198.28, while the South-West recorded the lowest at N192.42.

The NBS also stated in its “Diesel Price Watch” for October that the average retail price paid for a litre was N801.09.

It said the October price amounted to a 215.30 per cent increase from the N254.07 per litre recorded in October.

“On a month-on-month basis, the October 2022 price at N801.09 showed an increase of 1.42 per cent from the N789.90 per litre reported in September 2022.

On state profile analysis, the report showed that the highest average price of diesel in October 2022 was recorded in Ebonyi at N858.33 per litre, followed by Bauchi at N857.50, and Plateau at N856.25.

Conversely, the report showed that the lowest price was recorded in Akwa Ibom at N748.18 per litre of diesel, followed by Benue with N750.00 and Edo with N765.91.

The NBS added that analysis by zones showed that the North-Central recorded the highest price at N818.41 per litre of diesel, while the South-South recorded the lowest price at N774.96 per litre.