Price Of Fuel Rose To ₦630 Per Litre In October – NBS

The average retail price of fuel and diesel in Nigeria has increased, according to the National Bureau of Statistics (NBS).

Naija News reports that NBS detailed that from October 2022 to October 2023, the price of gasoline increased by 222.92 per cent.

The average cost of a liter of fuel increased significantly from ₦195.29 in October 2022 to ₦630.63 in October 2023, according to the NBS’s Petrol Price Watch for October 2023.

The NBS further reported that the average retail price of gasoline rose by 0.71% in October from September 2023.

The country-wide price increase has not been consistent; Zamfara State has the highest average retail price, ₦659.38 per liter, followed by Gombe and Borno, ₦658.33 and ₦657.27 per litre, respectively. On the other hand, with ₦590.95, ₦592.19, and ₦599.38 per liter, respectively, Lagos, Oyo, and Delta paid the lowest average retail prices.

A comparison of the zones showed that, in October 2023, the North-East Zone had the highest average retail price at ₦644.16 per litre, while the South-West Zone had the lowest price at ₦616.81 per litre.

In October 2023, the NBS also published its Diesel Price Watch Report, which showed that the average retail price of diesel was ₦1004.98 per litre.

From the ₦890.80 per litre recorded in September 2023, the price grew by 12.82 per cent in October.

Recall that President Bola Tinubu had immediately eliminated fuel subsidy on his swearing-in as Nigeria’s president; the move triggered an unprecedented rise in the pump price of fuel from ₦189 per litre to over ₦600, which it currently sells.