….As diesel price rises by 11.18%
The Premium Motor Spirit (Petrol) Price Watch (June 2023) published by the National Bureau of Statistics NBS) on Wednesday, July 26, showed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) in June 2023 was N545.83, indicating an increase of 210.31% relative to the N175.89 they paid per litre for the commodity in the corresponding month of last year.
The statistics agency reported that likewise, comparing the average price of a litre of petrol in June this year with the preceding month’s price, the average retail price increased by 129.23% from N238.11.
According to the Bureau, when analyzed on state-by-state basis, Taraba consumers paid the highest average retail price for petrol at N562.86/litre, followed by their Yobe counterparts with N562.31 and Kano consumers that paid N561.82/litre for the product in the month under review.
However, the Bureau reported that Anambra buyers bought the item at the lowest average retail price at N534.44/litre, followed by Ebonyi consumers who bought at N535.00/litre and their Oyo counterpart that paid N537.43/litre for the commodity during the month under review.
In addition, the report reflected that when analyzed on zonal basis, the North-East consumers paid the highest average retail price for petrol in June 2023 at N557.03/litre, while the South-West buyers paid the lowest price at N539.36/litre for the product in June this year.
Also, the Bureau in its ‘Automotive Gas Oil (Diesel) Price Watch (June 2023)’, indicated that the average retail price of Automotive Gas Oil (Diesel) paid by consumers in June 2023 was N815.83 per litre, which showed an increase of 11.18% from N733.78 per litre recorded in the corresponding month of the previous year.
The national statistical system coordinating agency disclosed that on a month-on-month basis, the price of diesel decreased by 3.37% from N844.28 per litre reported in May 2023.
On state profile analysis, it reported that in June the highest average price of the product was recorded in Taraba where consumers paid N899.23/litre for the commodity, followed by Adamawa where it sold at N875.67/litre, and Niger where consumers paid N873.33/litre.
The Bureau clarified, however, that on the other hand, the lowest price of diesel per litre was recorded in Bayelsa at N733.20, followed by Imo at N742.71 and Kebbi at N746.00.
