…As Diesel Price Rises By 37.76% Y-o-Y
The National Bureau of Statistics (NBS), reported on Wednesday that the average retail price paid by consumers for Premium Motor Spirit (Petrol) in December 2023 was N671.86, indicating a 225.85% increase when compared to the N206.19 they paid per litre for the commodity in December 2022
The statistics agency, in its ‘Premium Motor Spirit (Petrol) Price Watch (December 2023’ report published on its website, disclosed that on a month-on-month basis the average price value increased by 3.53% in December from N648.93 recorded in the preceding month.
According to the Bureau, when analyzed on state profile basis, Ogun State had the highest average retail price for PMS at N776.54, while Taraba and Adamawa States followed with N760.00 and N745.71, respectively.
It, however, clarified that Kano, Lagos and Borno States had the lowest average retail prices for the commodity in December at N602.78, N612.72 and N622.71 respectively.
The report also reflected that on the zonal profile, the North East Zone consumers paid the highest average retail price of N699.82, while their North Central Zone counterparts paid the lowest price of N657.69.
In a related report titled ‘Automotive Gas Oil (Diesel) Price Watch (December 2023)’ published on the same date, the statistics agency disclosed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis to N1,126.69 per litre from a lower cost of N817.86 per litre recorded in December 2022.
On a month-on-month basis, the report indicated that an increase of 6.74% was recorded from N1055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.
The NBS clarified that looking at the variations in the state prices, the top three States with the highest average price of the product in December 2023 comprised Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09).
However, it reported that the top three lowest prices were recorded in Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).
It added that the Zonal profile indicated that the highest average price paid for the commodity were recorded in the North West Zone at N1227.31 while the South-South Zone had the lowest price of N1039.90.
