The National Bureau of Statistics (NBS) says the average retail price of a litre of Petrol increased from N189.46 in August 2022 to N626.70 in Aug. 2023.
NBS disclosed this in its Petrol Price Watch for Aug. 2023, released in Abuja on Friday.
It stated that the August 2023 price of N626.70 represented a 230.78 per cent increase over the price of N189.46 recorded in August 2022.
“Comparing the average price value with the previous month of July 2023, the average retail price increased by 4.39 per cent from N600.35.
“On state profiles analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.
“Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63,” it stated.
Analysis by zone showed that the North-East recorded the highest average retail price in Aug.2023 at N636.93 per litre, while the South-South recorded the lowest at N616.95 per litre.
Kemi Filani News recalls upon removing the fuel subsidy in June, the product’s price jumped to over 600/per litre from N180/per litre.
Following the continued rise of crude oil in the global market, reaching $94 per barrel, oil marketers in Nigeria hint at a likely rise in the price of Petrol.