NBS report shows that petrol price rose by 230.78% in August

The National Bureau of Statistics (NBS) said on Friday the average price of petrol per litre rose by 230.78 percent in August.

The agency disclosed this in its Petrol Price Watch for August 2023 released in Abuja.

According to NBS, the average retail price of petrol per litre rose from N189.46 per litre in August 2022 to N626.70 the same month this year.

On a month-on-month basis, the price of petrol notched higher by 4.39 percent from N600.35 reported in July 2023.

It added that Taraba, Borno and Benue States paid the highest price for the product last month.

The report read: “On state profiles analysis, Taraba paid the highest average retail price of N680 per litre, followed by Borno and Benue at N657.27 and N649, respectively.

“Conversely, Adamawa paid the lowest average retail prices of N594.81 per litre, followed by Rivers at N596.80 and Delta at N604.63.”

On a region-by-region basis, the NBS revealed that the highest average retail price was recorded in the North-East where the product was sold at N636.93 per litre.

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The South-South recorded the lowest price with N616.95 per litre.

For diesel, the agency said the average retail price for the product rose by 8.57 percent from N786.88 in August 2022 to N854.32 per litre in August this year.

“On a month-on-month basis, the price increased by 7.53 per cent from the N794.48 per litre recorded in July 2023.

The average price of the diesel was highest in Abia, where it was sold at N970 per litre.

Niger and Abuja followed with N960.14 per and N950.22 per litre respectively.

Bayelsa, Katsina and Kaduna States recorded the lowest prices of diesel with N700, N771.43 and N775.42 per litre during the period.

Also, the region with the highest average price for was the North-Central with N907.86 per litre, while the lowest price of N820.02 per litre was reported in South-South.

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