A litre of fuel cost N195.29 on average at retail in October 2022, but N630.63 in October 2023, according to the National Bureau of Statistics (NBS).
In an announcement posted in Abuja on Wednesday, it stated as much in its Petrol Price Watch for October 2023.
According to the statement, the price of N630.63 in October 2023 was a 222.92% rise from the N195.29 price recorded in October 1920.
In September 2023, the average retail price was N626.21, which was a 0.71 percent increase over the previous month’s value.
According to a state profile study, Zamfara had the highest average retail price per litre, paying N659.38, followed by N657.27 in Borno and N658.33 in Gombe.
In contrast, it said that Delta, Oyo, and Lagos paid the lowest average retail prices, at N599.38, N592.19, and N590.95, respectively.
According to zone-by-zone analysis, the South-West had the lowest average retail price in October 2023 at N616.81 per litre, while the North-East Zone recorded the highest average retail price at N644.16.
The average retail price was N1004.98 per litre, according to the NBS’s Diesel Price Watch Report for October 2023.
According to it, the price of N801.09 per liter in October 2023 represented a 25.45% increase over the N801.09 per litre paid in October 2022.
“The price increased by 12.82 percent month over month from the N890.80 per litre recorded in September 2023,” the statement continued.
According to a state profile research, Plateau had the highest average fuel price in October 2023—N1150.00 per litre—followed by Nasarawa (N1138.00) and Benue (N1091.67).
Conversely, Rivers State had the lowest price, at N824.44 per liter, followed by Borno at N827.27 and Kebbi State at N845.00.
Furthermore, the zone-by-zone research revealed that North East had the lowest price, at N947.32 per litre, and North Central had the highest price, at N1090.69.
