Emmanuel Ochayi
In a revelation by the National Bureau of Statistics (NBS) on Wednesday, the average retail prices of petrol and diesel soared in October 2023.
The NBS’s Petrol Price Watch for October disclosed that the average price of petrol reached an eye-watering N630.63 per litre, marking an alarming 222.92 per cent surge from N195.29 recorded in October 2022.
Join our WhatsApp Channel“October 2023 witnessed an astronomical surge, with a 0.71 per cent increase from September 2023’s average price of N626.21,” stated the NBS report.
State-wise analysis revealed Zamfara leading the chart, paying a staggering average of N659.38 per litre, while Lagos, Oyo, and Delta were at the lower end, shelling out comparatively lower amounts at N590.95, N592.19, and N599.38, respectively.
READ ALSO: Food Inflation Declines In Nigeria Amidst High Prices; NBS Reports 0.54% Decrease In October
Unveiling further disparities, the NBS’s regional breakdown highlighted the North-East Zone hitting a peak of N644.16 per litre, while the South-West enjoyed relatively lower prices at N616.81 per litre.
Meanwhile, the Diesel Price Watch Report for October 2023 painted a similarly distressing picture. The average retail price of diesel surged to a worrying N1004.98 per litre, a daunting 25.45 per cent spike from October 2022.
“The month-on-month increase stands at 12.82 per cent from September 2023’s N890.80 per litre,” the NBS added.
State profiles for diesel prices saw Plateau, Nasarawa, and Benue grappling with the highest averages at N1150.00, N1138.00, and N1091.67 per litre, respectively.
Contrarily, Rivers State emerged with the lowest recorded price at N824.44 per litre, accompanied by Borno at N827.27 and Kebbi State at N845.00 per litre.
The regional breakdown revealed the North-Central bearing the brunt with the highest price of N1090.69 per litre, while the North-East managed to secure lower rates at N947.32 per litre.
These figures raise growing concerns about the economic implications of the relentless surge in fuel prices, posing serious challenges for consumers and businesses alike across the nation.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
