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HomeBusinessPump price of petrol increases 54% to N263.76 in Feb ~NBS

Pump price of petrol increases 54% to N263.76 in Feb ~NBS

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The National Bureau of Statistics (NBS) latest date has shown that the average retail price of a litre of Premium Motor Spirit (PMS), also known as petrol, has risen by 54.76 percent to N263.76 in February 2023 from N170.42 in February 2022.

In its Petrol Price Watch for February 2023, which was released in Abuja on Tuesday, NBS stated that the February 2023 price of N263.76 represented a 54.76 percent increase over the February 2022 price of N170.42.

This increase in the prices of fuel was in spite of the existing subsidy on the product

“Comparing the average price value with the previous month of January 2023, the average retail price increased by 24.58 per cent from N257.12.

“On states profiles analysis, Jigawa paid the highest average retail price of N329.17 per litre, followed by Rivers and Ebonyi at N323.33 and N317.14, respectively.

“Conversely, Niger paid the lowest average retail prices of N198.50 per litre, followed by Plateau at N198.71 and Abuja at N200,’’ it stated.

Analysis by zone showed that the Southeast recorded the highest average retail price in February 2023 at N306.86 per litre, while the North-Central recorded the lowest at N215.01 per litre.

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The NBS also stated in its Diesel Price Watch Report for February 2023 that the average retail price was N836.91 per litre.

It explained that the February 2023 price of N836.91 per litre amounted to a 168.26 per cent increase over the N311.98 per litre paid in February 2022.

“On a month-on-month basis, the price increased by 0.98 per cent from the N828.82 per litre recorded in January 2023,’’ it added.

On states profiles analysis, the report said the highest average price of diesel in February 2023 was recorded in Bauchi at N904.33 per litre, followed by Abuja at N885 per litre and Adamawa at N873.33 per litre.

On the other hand, the lowest price was recorded in Bayelsa at N767.14 per litre, followed by Katsina State at N778.75 per litre and Edo at N789.43 per litre.

In addition, the analysis by zone showed that the North Central had the highest price at N850.65 per litre, while the South-South recorded the lowest price at N814.63 per litre.

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