Petrol Increased To N626.21 In September- NBS

The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. It made the declaration in its Petrol Price Watch for September 2023 released in Abuja on Saturday. It stated that the September 2023 price of N626.21 represented a 226.75 per cent increase over the price of N191.65 recorded in September 2022. “Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70. “On state profiles analysis, Taraba paid the highest average retail price of N665.56 per litre, followed by Borno and Benue at N657.37 and N641.29, respectively. “Conversely, Rivers, Delta and Jigawa paid the lowest average retail prices at N602.55, N605.88 and N617.42, respectively,’’ it stated. Analysis by zones showed that the North-East recorded the highest average retail price in September 2023 at N638.33, while the South-South recorded the lowest at N618.47 per litre. The NBS also stated in its Diesel Price Watch Report for September 2023 that the average retail price was N890.80 per litre. It explained further that the September 2023 price of N890.80 per litre amounted to a 12.77 per cent increase over the N789.90 per litre paid in September 2022. “On a month-on-month basis, the price increased by 4.27 per cent from the N854.32 per litre recorded in August 2023,’’ it added. On state profile analysis, the report said the highest average price of diesel in September 2023 was recorded in Kano at N967.78 per litre, followed by Anambra at N950.95 per litre and Niger at N950.55 per litre. On the other hand, the lowest price was recorded in Bayelsa at N840.16 per litre followed by Katsina at N840.55 per litre and Rivers at N840.82 per litre. In addition, the analysis by zones showed that the South-East has the highest price at N918.06 per litre, while the South-South recorded the lowest price at N863.97 per litre. 

Nigerian Breweries hints of ‘moderate’ hike in beer price

The Nigerian Breweries (NB) has said that it is set to carry out a moderate adjustment to its current price regime.  According to the company, the proposed exercise is due to the continued rise in the cost of production. NB has 19 high-quality brands (Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced by nine breweries and distributed nationwide. The removal of fuel subsidy by President Bola Ahmed Tinubu has led to an increase in transportation costs. A statement by the management of the company read in part: “We are aware of the memo in circulation issued by our Sales Director, Ayo Lawal on Tuesday, August 1, 2023, to all our direct customers notifying them of the upcoming review of prices of some of our SKUs, effective Thursday, August 10, 2023. “This notification to our esteemed trade partners is in keeping with our standard business practices, and commitment to business continuity for our customers.  “We would like to use this opportunity, to clarify, that this is a moderate price adjustment planned on some of the SKUs of our brands, due to the continued rise in input cost.” The company assured all stakeholders of its unwavering commitment to excellent customer service delivery and consumer satisfaction.