Petrol Price Increased To N630.63 In October -NBS

The National Bureau of Statistics (NBS), has said that the average retail price of a litre of petrol increased from N195.29 in October 2022 to N630.63 in October 2023. It made the declaration in its Petrol Price Watch for October 2023 released in Abuja on Wednesday. It stated that the October 2023 price of N630.63 represented a 222.92 per cent increase over the price of N195.29 recorded in October 2022. “Comparing the average price value with the previous month of September 2023, the average retail price increased by 0.71 per cent from N626.21. “On state profiles analysis, Zamfara paid the highest average retail price of N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27, respectively. “Conversely, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19 and N599.38 respectively,’’ it stated. Analysis by zones showed that the North-East Zone recorded the highest average retail price in October 2023 at N644.16, while the South-West recorded the lowest price at N616.81 per litre. The NBS also stated in its Diesel Price Watch Report for October 2023 that the average retail price was N1004.98 per litre. It said that the October 2023 price of N801.09 per litre amounted to a 25.45 per cent increase over the N801.09 per litre paid in October 2022. “On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 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 N1150.00 per litre, followed by Nasarawa at N1138.00 and Benue at N1091.67. On the other hand, the lowest price was recorded in Rivers State at N824.44 per litre followed by Borno at N827.27 and Kebbi State at N845.00 per litre. In addition, the analysis by zones showed that the North-Central had the highest price of N1090.69 per litre, while North- East recorded the lowest price at N947.32 per litre. 

Average Price Of 5kg Cooking Gas Hits 8.89% -NBS

The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 8.89% on a month-on-month basis from N4,189.96 recorded in September 2023 to N4,562.51 in October 2023. In its Liquefied Petroleum Gas (Cooking Gas) Price Watch (October 2023), the bureau noted that on a year-on-year basis, it increased by 1.76% from N4,483.75 in October 2022. On state profile analysis, Kano recorded the highest average price for refilling a 5kg cylinder cooking gas with N5,181.43, followed by Adamawa with N5,142.86, and Ogun with N5,093.75. On the other hand, Ebonyi recorded the lowest price with N3,971.43, followed by Osun and Edo with N4,000.00 and N4,025.00 respectively. “In addition, analysis by zone showed that the North-West recorded the highest average retail price for refilling a 5kg cylinder cooking gas with N4,738.20, followed by the North-Central with N4,662.62, while the South-East recorded the lowest with N4,088.65. “Also, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 14.04% on a month-on-month basis from N9,247.40 in September 2023 to N10,545.87 in October 2023. “On a year-on-year basis, this rose by 4.93% from N10,050.53 in October 2022. On state profile analysis, Edo recorded the highest average retail price for the refilling of a 12.5kg cylinder of cooking gas with N12,536.88, followed by Jigawa with N12,050.00 and Delta with N11,987.50. Conversely, the lowest average price was recorded in Zamfara with N9,050.00, followed by Lagos and Oyo with N9,071.05 and N9,407.14 respectively,” the statistics bureau stated. Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cylinder cooking gas with N11,480.60, followed by the North-Central with N10,683.97, while the South-East recorded the lowest price with N9,847.42.