FRI, APRIL. 21 2023-theGBJournal |The average retail price of Automotive Gas Oil (Diesel) and petrol nationwide rose in the month of March, according to the National Bureau of Statistics (NBS) in its latest diesel and petrol watch report.
NBS said average retail price paid by consumers for diesel increased by 55.90% on a year-on-year basis from a lower cost of N539.32 per litre recorded in the corresponding month of last year to a higher cost of N836.81 per litre in March 2023.
On a month-on-month basis, an increase of 0.47% was recorded from N836.91 in the preceding month of February to an average of N840.81 in March 2023.
Looking at the variations in the State prices, the top three State with the highest average price of the product in March 2023 include Bauchi (N910.46), Abuja (N889.44) and Adamawa (N880.33). Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa (N768.04), Katsina (N779.78) and Edo (N797.14).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N856.42 while South South Zone has the lowest price N816.92 when compared with other Zones.
Meanwhile, the average retail price paid by consumers for Premium Motor Spirit (Petrol) in March 2023 was N264.29, indicating an increase of 42.63% relative to the value recorded in March 2022 (N185.30). Likewise, comparing the average price value with the previous month (i.e. February 2023), the average retail price increased by 0.20% from N263.76.
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.
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