NBS: Rising Fuel Prices Grip Nigeria, Soar To N630.63 In October

In a startling revelation, the National Bureau of Statistics (NBS) has reported a significant spike in fuel prices in Nigeria, with the average retail price of a liter of petrol surging from N195.29 in October 2022 to a staggering N630.63 in October 2023.

This revelation was made in the latest edition of the “Petrol Price Watch for October 2023,” which the NBS released on Wednesday, in the nation’s capital, Abuja.

The NBS’s report highlighted that the October 2023 petrol price of N630.63 represents an astounding 222.92 percent increase over the price of N195.29 recorded in the same month the previous year. Moreover, when comparing the average price value with the preceding month of September 2023, the NBS observed a 0.71 percent increase from N626.21.

State-specific analysis revealed significant disparities in petrol prices across Nigeria. Zamfara emerged as the state with the highest average retail price, reaching N659.38 per liter, closely followed by Gombe and Borno at N658.33 and N657.27, respectively. In contrast, Lagos, Oyo, and Delta recorded the lowest average retail prices at N590.95, N592.19, and N599.38 per liter, respectively.

Further analysis by geographical zones exposed the North-East Zone as the region with the highest average retail petrol price in October 2023, at N644.16 per liter. In contrast, the South-West region had the lowest average price, with fuel costing N616.81 per liter.

The NBS did not limit its report to petrol prices alone, as it also shed light on diesel prices. In its “Diesel Price Watch Report for October 2023,” the NBS disclosed that the average retail price for diesel stood at N1004.98 per liter. This marked a substantial 25.45 percent increase compared to the N801.09 per liter recorded in October 2022.

The month-on-month analysis showed a 12.82 percent increase in diesel prices, rising from N890.80 per liter in September 2023 to N1004.98 per liter in October 2023.

In terms of state-specific analysis for diesel prices, Plateau had the highest average price in October 2023, reaching a staggering N1150.00 per liter, closely followed by Nasarawa at N1138.00 and Benue at N1091.67 per liter. Conversely, Rivers State recorded the lowest diesel price at N824.44 per liter, with Borno at N827.27 and Kebbi State at N845.00 per liter not far behind.

When examining diesel prices by geographical zones, the North-Central region had the highest average price, with diesel costing N1090.69 per liter, while the North-East region recorded the lowest price at N947.32 per liter.

These alarming increases in fuel prices are likely to have significant implications for the economy and the daily lives of Nigerians, prompting concerns about inflation and its impact on the cost of living. As citizens grapple with the burden of soaring fuel costs, policymakers and authorities will undoubtedly face mounting pressure to address this escalating issue.