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. 

Concrete Road Will Drive Cement Price To N9000 —Manufacturers

Cement manufacturers under the umbrella of the Cement Producers Association of Nigeria have warned that the price of the product may further rise following plans by the federal government to introduce the use of concrete for road construction. Fielding questions from journalists at its AGM, the Chairman of BUA group owners of Bua Cement said cement prices will drop from N5000 to N3500 by January 2024 when its new plants finally begin operation. The Minister of Works Dave Umahi since his appointment has been an advocate of the use of concrete for road construction, as according to him, it lasts longer than roads constructed with asphalt. In a statement jointly signed by PrinceDavid Iweta and ChiefReagan Ufomba, the National Chairman and National Secretary respectively, the Association warned that the price of cement may rise to as N9000 from the present ₦5000. However, the Cement manufacturers warned that there would be dire consequences if the supply end is not addressed properly, noting that if it is not addressed the price of cement would not come down. The Association therefore called on the government to emphasise road designs that allow both cement technology and asphalt pavement to run concurrently. “Our findings from various parts of the country show that cement sells for as high as N6000 per bag in the rainy season. Our prediction is that it will sell for over N9,000 per bag in the dry season, especially with the pronouncement of the Honourable Minister of Works on cement technology and the marching order on housing by Mr President if the government does not take proactive steps. “While we commend the Honourable Minister’s position on cement-made roads, we warn of the dire consequences if the supply end is not properly addressed. In fact, it would amount to dereliction of duty not to intervene. And the time is now. To do otherwise is to continue in a worsening pipe dream that prices would suddenly drop on this essential input that will continue to drain the purse of Nigerians, render them homeless, encourage chaos between demand and supply, and worsen the infrastructure deficit it sets out to cure, and lead to an unprecedented price hike. “We also call on the Honourable Minister of Works to lay more emphasis on the design criteria of roads that allow both cement technology and Asphalt pavement to run concurrently, in turn, will provide ample time for a smooth transition that allows contractors to invest in commensurate and requisite equipment and retooling. We must also as a nation regulate static and dynamic load traffic by introducing weighbridges at access points on our highways.” While urging the present administration to conclude the backward integration policy started by late President Yar’adua administration, the Cement manufacturers noted that availability and affordability of the product cannot be achieved if the government fails to break the chain of monopoly and favouritisms. It, therefore, called on President Bola Tinubu’s government to permanently solve this perennial cement price hike problem by expanding participation in the sector with companies who have verifiable evidence of local investment, including greenfield licenses and quarrying.