For those of you who don’t know, it was in October 2023 that fuel price rose to ₦630.63.
Fuel pump prices began struggling for a while.
But after President Bola Tinubu announced the removal of the fuel subsidy in May, prices of things just started skyrocketing.
In a recent Petrol Price Watch presented by the National Bureau of Statistics (NBS), in Abuja, fuel prices rose to ₦630.63 in October 2023.
The report said the average retail price of a litre of fuel increased from ₦195.29 in October 2022 to ₦630.63 in October 2023.
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NBS stated that the October 2023 price of ₦630.63 represented a 222.92% increase over the price of ₦195.29 recorded in October 2022.
“Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71% from ₦626.21.
Petrol Price Watch By State
NBS gave a state-by-state analysis of the prices of fuel in Nigeria
It said, “Zamfara paid the highest price of ₦659.38 per litre, followed by Gombe and Borno at ₦658.33 and ₦657.27, respectively.
“While Lagos, Oyo, and Delta paid the lowest price at ₦590.95, ₦592.19 and ₦599.38 respectively,’’ it stated.
Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at ₦644.16, while the South-West recorded the lowest price at ₦616.81 per litre.
Diesel Price Watch
The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was ₦1004.98 per litre.
It said that the October 2023 price of ₦801.09 per litre amounted to a 25.45% increase over the ₦801.09 per litre paid in October 2022.
“On a month-on-month basis, the price increased by 12.82% from the ₦890.80 per litre recorded in September 2023,’’ it added.
On state profile analysis, the report said the highest average price of diesel in October 2023 was recorded in Plateau at ₦1150.00 per litre, followed by Nasarawa at ₦1138.00 and Benue at ₦1091.67.
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On the other hand, the lowest price was recorded in Rivers State at ₦824.44 per litre followed by Borno at ₦827.27 and Kebbi State at ₦845.00 per litre.
In addition, the analysis by zones showed that the North-Central had the highest price of ₦1090.69 per litre, while the North-East recorded the lowest price at ₦947.32 per litre.
