February 21, 2023

Petrol price sold at N257/ltr, rose by 55% in January – NBS 

Petrol price sold at N257/ltr, rose by 55% in January – NBS 

By Biodun Busari 

The National Bureau of Statistics, NBS, has revealed that an average Nigerian bought a litre of petrol at N257.12 in January, showing an increase rate of 55 per cent. 

In the latest report by the Bureau titled, ‘Premium Motor Spirit (Petrol) Price Watch (January 2023)’, Nigerians are still paying far above N185 per litre approved pump price of petrol amid fuel scarcity.

The figure showed that members of the Major Oil Marketers Association of Nigeria, and NNPCL Retail outlets, sold the product at N185 per litre to consumers, while members of the Independent Petroleum Marketers Association of Nigeria on the other hand, sold PMS between N200 and N250 per litre.

The report noted that the average price in January 2023 was an annual increase of 54.52 per cent and a monthly increase of 24.70 per cent.

The report reads, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022 (N166.40).

“Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70 per cent from N206.19.”

It further noted that Imo State recorded the highest average retail price for petrol at N332.14 per litre, then Rivers at N327.14 and Akwa Ibom at N319.00.

It was also observed that Sokoto had the lowest average retail price for petrol at N191.43 per litre, followed by Plateau at N192.14 and Borno at N193.91.

It continued that the South-East region had the highest price surge of petrol, as the North-Central recorded the lowest in contrast. 

“In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with N307.85, while the North-Central had the lowest with N217.15,” the report added. 

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