Price of petrol paid by consumers increased to N264.29 in March – NBS

According to data from the National Bureau of Statistics (NBS), consumers paid an average retail price for Premium Motor Spirit (petrol) in March 2023 of N264.29, a 42.63% increase over the amount reported in March 2022. (N185.30).

According to the NBS research, the average retail price of PMS increased from N263.76 by 0.20 percent when compared to the previous month (February 2023).

The report states:-

On state profile analysis, Imo State had the highest average retail price for Premium Motor Spirit (petrol) with N332.67, followed by Taraba with N330.00 and Borno with N324.55. On the other hand, Benue recorded the lowest average retail price for Premium Motor Spirit (petrol) with N195.00, followed by Plateau with N196.79 and Nasarawa with N197.50. In addition, analysis by zone showed that the South-East recorded the highest average retail price in March 2023 with N306.00, while the North-Central had the lowest with N205.10.

The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.22 per cent on a month-on-month basis from N4,600.57 recorded in February 2023 to N4,610.48 in March 2023. On a year-on-year basis, this rose by 22.03 per cent from N3,778.30 in March 2022.

“On State profile analysis, Kwara recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,962.87, followed by Abuja with N4,940.00, and Adamawa with N4,915.00. On the other hand, Rivers State recorded the lowest price with N4,204.45, followed by Abia State and Anambra State with N4,220.15 and N4,232.75, respectively,” it stated.