…..As consumers pay 4.27% higher for diesel M-o-M
Motorists and other fuel users in the country bought fuel at an average retail price of N626.21 per litre in September, indicating a 226.75% increase when compared to the value of the product in the corresponding month of last year.
However, the Premium Motor Spirit (Petrol) Price Watch (September 2023) published by the National Bureau of Statistics (NBS) on Friday, reflected that when the September average price value is compared with the previous month’s price, that is August 2023, the average retail price decreased by 0.08% from N626.70.
The Bureau reported that the fuel price when analyzed on state-by-state basis showed the consumers in Taraba State paid the highest average retail price at N665.56,while buys in Borno and Benue States followed with N657.37 and N641.29, respectively.
Conversely, the fuel price watch report indicated that fuel users in Rivers, Delta and Jigawa States paid the lowest average retail prices at N602.55, N605.88 and N617.42 respectively.
A further analysis of the NBS’ report showed that on zone-by-zone basis, consumers in the North-East Zone paid the highest average retail price of N638.33 for the product, while their South-South Zone counterparts paid the lowest price of N618.47.
Meanwhile, the Bureau also reported that in the month under review, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 12.77% on a year-on-year basis from the N789.90 per litre users paid in the corresponding month of last year to N890.80 per litre in September this year.
The ‘Automotive Gas Oil (Diesel) Price Watch (September 2023)’ report from the statistics agency published on its website on Friday, revealed that on a month-on-month basis, diesel increased by 4.27% per litre from N854.32 it sold for in the preceding month of August to an average of N890.80 in September 2023.
According to the Bureau, when analyzed based on variations in the states’ prices, the top three States where consumer paid the highest average price for diesel in September include Kano State, (N967.78); Anambra State, (N950.95); and Niger State (N950.55).
In addition, the top three lowest prices were recorded in Bayelsa State, (N840.16); Katsina State, (N840.55); and Rivers State (N840.82).
On zonal basis, the average price of diesel in the month under review (September 2023) showed that South East Zone consumers paid the highest average price of N918.06 per litre while South-South Zone buyers paid the lowest price N863.97 when compared with other zones.
