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. 

Petrol Price Increased To N626.70 In August -NBS

The National Bureau of Statistics (NBS) has said the average retail price of a litre of Petrol increased from N189.46 in August 2022 to N626.70 in August 2023. It made the declaration in its Petrol Price Watch for August 2023 released in Abuja on Friday. It stated that the Aug. 2023 price of N626.70 represented a 230.78 per cent increase over the price of N189.46 recorded in Aug. 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. The NBS also stated in its Diesel Price Watch Report for August 2023 that the average retail price was N854.32 per litre. It explained further that the Aug. 2023 price of N854.32 per litre amounted to a 8.57 per cent increase over the N786.88 per litre paid in August 2022. “On a month-on-month basis, the price increased by 7.53 per cent from the N794.48 per litre recorded in July 2023,’’ it added. On state profiles analysis, the report said the highest average price of diesel in Aug. 2023 was recorded in Abia at N970 per litre, followed by Niger at N960.14 per litre and Abuja at N950.22 per litre. On the other hand, the lowest price was recorded in Bayelsa at N700 per litre, followed by Katsina State at N771.43 per litre and Kaduna State at N775.42 per litre. In addition, the analysis by zone showed that the North-Central had the highest price at N907.86 per litre, while the South-South recorded the lowest price at N820.02 per litre.

Tinubu to address Nigerians amid nationwide hardship

On Monday, July 31, 2023, President Bola Ahmed Tinubu will deliver a broadcast to the nation at 7 pm. The announcement was made on Monday morning by Dele Alake, the presidential spokesman, urging television, radio stations, and other electronic media outlets to tune in to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast. Though the specific content of the address remains undisclosed, it comes at a time when the country is grappling with widespread hardship due to the removal of fuel subsidy, leading to an increase in petrol prices. President Tinubu has consistently appealed for calm, assuring the public that the government is diligently working to improve living conditions and alleviate the prevailing challenges. Interestingly, this address coincides with an upcoming nationwide protest by the organized labour, which is parleying civil society organisations as they prepare for an industrial action on August 2, and the ongoing strike by the Nigerian Association of Resident Doctors (NARD). The NARD has rejected the recent 25% increment in basic salary announced by the federal government, demanding the full restoration of the Consolidated Medical Salary Structure to its original value as approved in 2009. The association, represented by its president, Dr. Orji Emeka Innocent, secretary-general Dr. Chikezie Kelechi, and publicity and social secretary Dr. Umar Musa, vows to continue the nationwide total and indefinite strike action until the government takes significant steps to address their demands, including the release of the circular on the One-for-One policy for the replacement of exited clinical workers to ease work overload caused by brain drain. As Nigerians await President Tinubu’s address on Monday night, the nation is at a crucial juncture, grappling with pressing issues that demand immediate attention and resolution.