The National Bureau of Statistics (NBS) has said the price of petrol rose by 215.95 per cent in one year.
This is just as it said the price of diesel increased by 2.60 per cent over the same period.
In a report, titled, ‘Premium Motor Spirit (Petrol) price watch for July 2023′, released on Monday, the bureau said Nigerians paid an average price of N600.35 for a litre of petrol compared to N190.01 in the same month last year.
It said the increase indicated a 215.95 per cent increase when compared to the value recorded in July 2022 (N190.01).
“Likewise, comparing the average price value with the previous month (i.e. June 2023), the average retail price increased by 9.99 percent from N545.83,” the report reads.
According to the report, on state profile analysis, Borno had the highest average retail price for petrol at N657.27, Abia and Gombe states were next, with N643.13 and N642.22, respectively.
“On the other hand, Edo, Kwara, and Benue States had the lowest average retail prices for petrol at N530.00, N535.44 and N537.00, respectively.
“Lastly, on zonal profile, the north-east zone had the highest average retail price of N630.13, while the north-central zone had the lowest price of N551.58,” it added.
The NBS further stated that Nigerians paid an average price of N794.48 for a litre of diesel in July 2023 compared to N774.38 per litre recorded in the corresponding period last year.
In its latest report on the automotive gas oil (AGO) price watch for July 2023, the NBS said there was a decline in the price of the product during the review period, compared to the previous month.
“On a month-on-month basis, a decrease of -2.62 percent was recorded from N815.83 in the preceding month of June to an average of N794.48 in July 2023,” the report said.
“Looking at the variations in the state prices, the top three states with the highest average price of the product in July 2023 include Niger State (N892.50), Abia State (N890.63) and Enugu State (N872.73).”
NBS said the top three lowest prices were recorded in Bayelsa (N683.20), Anambra/Bauchi (N700.00), and Ondo (N701.58).
Speaking further on price comparison by zones, the agency said the north-central sold at the highest price.
The zonal representation of average price of automotive gas oil (diesel) shows that the north-central zone has the highest price of N863.10 while the south-west has the lowest price [of] N759.45 when compared with other zones,” it added.