Abuja, June 21, 2023: The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol witnessed a drop from N254.06 in April to N238.11 in May 2023.
This is according to the NBS Petrol Price Watch for May 2023 released in Abuja on Wednesday.
It stated that the May 2023 price of N238.11 represented a 6.28 per cent decrease over the price of N254.06 recorded in April 2023.
However, the average retail price of a litre of petrol increased on a year-on-year basis from N173.08 recorded in May 2022 to N238.11 in May 2023.
It stated that the May 2023 price of N238.11 represented a 37.57 per cent increase over the price of N173.08 recorded in May 2022.
“On state profiles analysis, Imo paid the highest average retail price of N300.00 per litre, followed by Gombe at N299.77 and Jigawa at N297.50
“Conversely, Abuja paid the lowest average retail price of N195.00 per litre, followed by Niger at N201.82 and Plateau at N203.33,” it stated.
Analysis by zone showed that the South-East recorded the highest average retail price in May 2023 at N256.64, while the North-Central recorded the lowest at N208.74.
The NBS also stated in its Diesel Price Watch Report for May 2023 that the average retail price paid by consumers increased by 25.81 per cent on a year-on-year basis.
It explained that the retail price moved from a lower cost of N671.08 per litre recorded in May 2022 to a higher cost of N844.28 per litre in May 2023.
On a month-on-month basis, the price increased by 0.24 per cent from N842.25 per litre recorded in April 2023 to an average of N844.28 in May 2023,” it added.
On state profiles analysis, the report said the highest average price of diesel in May 2023 was recorded in Adamawa at N970.00 per litre, followed by Bauchi at N940.00, and Taraba at N915.50.
On the other hand, the lowest price was recorded in Bayelsa at N736.88 per litre, followed by Delta at N772.50 and Anambra at N775.71.
In addition, the analysis by zone showed that the North-East had the highest price at N908.02 per litre, while the South-South Zone recorded the lowest price at N809.62 per litre.
