Retail Price of Petrol Drops – NBS
The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol witnessed a drop from N264.29 in March to N254.06 in April 2023. This is according to the NBS Petrol Price Watch released in Abuja on Friday.
It stated that the April 2023 price of N254.06 represented a 3. 87 per cent decrease over the price of N264.29 recorded in March 2023. However, the average retail price of a litre of petrol increased year-on-year basis from N172.61 recorded in April 2022 to N254.06 in April 2023.
It stated that the April 2023 price of N254.06 represented a 47.18 per cent increase over the price of N172.61 recorded in April 2022. “On state profiles analysis, Taraba paid the highest average retail price of N320.00 per litre, followed by Imo at N310.55 and Jigawa at N305.00.
“Conversely, Sokoto paid the lowest average retail price of N195.00, followed by Benue at N198.13 and Kogi with N206.11,” it stated.
Analysis by zone, the NBS said, showed that the South-East recorded the highest average retail price in April 2023 at N291.15, while the North-Central recorded the lowest at N208.88.
The NBS also stated in its Diesel Price Watch Report for April 2023 that the average retail price paid by consumers increased by 28.69 per cent on a year-on-year basis.
It explained that the retail price moved from a lower cost of N654.46 per litre recorded in April 2022 to a higher cost of N842.25 per litre in April 2023.
“On a month-on-month basis, the price increased by 0.17 per cent from N840.81 per litre recorded in March 2023 to an average of N842.25 in April 2023,” it added.
On state profiles analysis, the report said the highest average price of diesel in April 2023 was recorded in Adamawa at N980.33 per litre, followed by Bauchi at N934.46, and Borno at N900.50.
On the other hand, the lowest price was recorded in Bayelsa at N708.04 per litre, followed by Kebbi at N773.33 and Anambra at N773.56.
In addition, the analysis by zone showed that the Northeast had the highest price at N895.42 per litre, while the South-South Zone recorded the lowest price at N807.59 per litre. # Retail Price of Petrol Drops – NBS Naira Steadies as Banks Issue Update on FX Purchase