The average retail price paid by consumers for Premium Motor Spirit (Petrol) for October 2022 was N195.29.
According to the National Bureau of Statistics (NBS), in its Premium Motor Spirit (Petrol) Price Watch (October 2022) report, the price represents a 17.93 per cent increase when compared to the value recorded in October 2021 (N165.60).
“Likewise, comparing the average price value with the previous month (.i.e. September 2022), the average retail price increased by 1.90% from N191.65,” the NBS said.
On State profile analysis, Kebbi state had the highest average retail price for Premium Motor Spirit (Petrol) with N211.00, followed by Kano with N210.14 and Gombe with N210.00.
On the other hand, Sokoto had the lowest average retail price for Premium Motor Spirit (Petrol) with N185.00, followed by Taraba with N185.42 and Abia with N186.56. In addition, analysis by zone showed that the North-West recorded the highest average retail price in October 2022 with N198.28, while the South-West had the lowest with N192.42.
Similarly, the average retail price of Automotive Gas Oil (Diesel) paid by consumers in October 2022 was N801.09 per litre, indicating an increase of 215.30 per cent from N254.07 per litre recorded in the corresponding month of the previous year.
On a month-on-month basis, this increased by 1.42 per cent from N789.90 per litre reported in September 2022.
On state profile analysis, the highest average price of the product in October 2022 was recorded in Ebonyi with N858.33, followed by Bauchi with N857.50, and Plateau with N856.25.
On the other hand, the lowest price was recorded in Akwa Ibom with N748.18, followed by Benue with N750.00 and Edo with N765.91.
Furthermore, analysis by zone showed that the North-Central had the highest price with N818.41, while the South-South recorded the lowest price with N774.96.