[News] Price of petrol paid by consumers increased to N264.29 in March – NBS

The National Bureau of Statistics (NBS) has revealed that the average retail price paid by consumers for Premium Motor Spirit (petrol) in March 2023 was N264.29, which is an increase of 42.63 per cent relative to the value recorded in March 2022 (N185.30).

According to the NBS report, comparing the average price value with the previous month (i.e. February 2023), the average retail price of PMS increased by 0.20 per cent from N263.76.

The report states;

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.

The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.22 per cent on a month-on-month basis from N4,600.57 recorded in February 2023 to N4,610.48 in March 2023. On a year-on-year basis, this rose by 22.03 per cent from N3,778.30 in March 2022.