The National Bureau of Statistics (NBS) has disclosed that the average retail price consumers paid for Premium Motor Spirit (petrol) in December 2023 reached N671.86, reflecting an alarming 225.85% year-on-year increase.
According to the report, the product’s value was a significantly lower N206.19 in December 2022. In comparison to the preceding month, November 2023, there was a 3.53% surge from N648.93.
Breaking down the state-wise analysis, Ogun emerged with the highest average retail price for petrol at N776.54, closely followed by Taraba and Adamawa at N760.00 and N745.71, respectively.
Conversely, Kano, Lagos, and Borno recorded the lowest average retail prices at N602.78, N612.72, and N622.71, respectively.
Zooming out to the zonal profile, the North East Zone topped the chart with the highest average retail price of N699.82, while the North Central Zone boasted the lowest price at N657.69.
In a parallel report, diesel also experienced a substantial year-on-year surge of 37.76%, escalating from N817.86 per litre in December 2022 to N1,126.69 per litre in December 2023.
Examining the month-on-month fluctuations, there was a 6.74% increase from N1,055.57 in November 2023 to an average of N1,126.69 in December 2023.
Delving into state-specific prices for diesel, Sokoto led with N1,300, closely followed by Kebbi and Yobe at N1,250 and Jigawa at N1,229.09. Conversely, the lowest prices were observed in Rivers (N897.89), Bayelsa (N935), and Bauchi (N985).
These staggering price hikes underscore the economic challenges faced by consumers, necessitating a comprehensive examination of the factors contributing to such unprecedented increases in fuel prices.
