FRI, JAN 19 2024-theGBJournal| Nigerian consumers paid exorbitantly more for petrol and diesel in December 2023, as inflationary pressures mounts.
According to the latest price watch data published by the National Bureau of Statistics (NBS), the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023.
Similarly, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, indicating a 225.85% increase when compared to the value recorded in December 2022 (N206.19).
Likewise, comparing the average price value with the previous month (.i.e. November 2023), the average retail price increased by 3.53% from N648.93.
On State profile analysis, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.
On the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively. Lastly, on the Zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.
For diesel, the top three States with the highest average price of the product in December 2023 include Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09).
Furthermore, the top three lowest prices were recorded in the following State namely, Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).
The North West of the country bore the brunt of higher cost as consumers are forced to pay as much as N1227.31 while the South South has the lowest price of N1039.90 when compared with other Zones.
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