WED, DEC 20 2023-theGBJournal|Motorist faced the steepest rise in Diesel and petrol price in November after prices of both commodities rose to the biggest level since the removal of fuel subsidy in May.
Petrol prices rose 220.49% to 648.93 between the month of November 2022 and November 2023.
Diesel increased by 30.50% on a year-on-year basis from a lower cost of N808.87 per liter recorded in the corresponding month of last year to a higher cost of N1055.57 per liter in November 2023.
One official of a Drivers Union in Lagos, said the cost of both commodities has been unbearable.
”Very unbearable, and commuters have been on our necks because we share the burden of the price increases with them. Most importantly, not helping our business.”
Diesel price, on a month-on-month basis, saw an increase of 5.03% from N1004.98 in the preceding month of October 2023 to an average of N1055.57 in November 2023 with Benue State (N1280.00), Kaduna State (N1183.45) and Sokoto State (N1183.33) bearing the brunt more than other states of the federation.
Likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90% from N630.63.
Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.
On the other side, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively.
On Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75
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