Fuel Price Rises By 220.49 Per Cent In One Year

A new report by the National Bureau of Statistics (NBS) shows that between November 2022 and November 2023, the price of fuel in Nigeria increased by 220.49 percent.

The pump price increased by 220.49 percent from the N202.48 it sold for in November 2022 to N648.93, according to the NBS statistics.

The latest data comes months after President Bola Tinubu took the decision to promptly stop the payment of fuel subsidy upon taking office. Fuel prices had risen at an unprecedented rate as a result of the development.

However, the NBS revealed in its most recent Petroleum Price Watch, which was published in November 2023, that the three states with the highest fuel sales prices were Kebbi, Jigawa, and Akwa Ibom, with N691, N677.67, and N675 for petrol, respectively.

The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of November 2023 was N648.93, indicating a 220.49% increase when compared to the value recorded in November 2022 (N202.48). Likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90% from N630.63.

“On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.

“On the other side, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively. Lastly, on Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75.”