NBS Report Reveals Drastic Surge In Fuel Prices Across Nigeria

The National Bureau of Statistics (NBS) released its Petrol and Diesel Price Watch for November 2023, underscoring a staggering surge in fuel prices across the nation.

The report, released in Abuja on Thursday, indicated that the average retail price of petrol skyrocketed from N202.48 in November 2022 to a startling N 648.93 in November 2023, marking a monumental 220.49 per cent increase within a year.

According to the report, when compared to the previous month of October 2023, the average retail price of petrol escalated by 2.90 per cent from N630.63. State-wise analysis revealed Kebbi as the highest-paying state at an average retail price of N691.00 per litre, followed by Jigawa and Akwa Ibom at N677.67 and N675.00, respectively.

Conversely, Taraba, Kaduna, and Lagos recorded the lowest average retail prices at N618.00, N620.29, and N623.12 per litre, respectively.

Breaking down the regions, the South-South region experienced the highest average retail price for petrol at N663.59, while the North-East had the lowest at N632.75 per litre.

In tandem with this concerning surge, the NBS also highlighted the Diesel Price Watch for November 2023, reporting an average retail price of N1055.57 per litre. This figure represents a striking 30.50 per cent increase from the N808.87 per litre recorded in November 2022. The month-on-month analysis demonstrated a 5.03 per cent increase from the N1004.98 per litre in October 2023.

Regarding diesel prices by state, Benue recorded the highest average price at N1280.00 per litre, followed by Kaduna and Sokoto at N1183.45 and N1183.33, respectively.

In contrast, Rivers had the lowest price at N875.00 per litre, followed by Abia at N900.77 and Bayelsa at N920.00 per litre.

Further analysis categorised by zones revealed the North-Central Zone with the highest diesel price at N1123.75 per litre, while the South-East recorded the lowest at N959.69 per litre.

This significant surge in fuel prices across the country poses a significant economic challenge to consumers and businesses alike.

NAN