The National Bureau of Statistics (NBS) has released its Premium Motor Spirit (PMS) Price Watch report for January 2023, revealing a significant increase in the average retail price of petrol and diesel in Nigeria.
The report, which was released on Tuesday, 22 February 2023, shows that the average retail price paid by consumers for petrol increased from N166.40 in January 2022 to N257.12 in January 2023, representing a 54.52% increase.
The report further indicated that comparing the average price value with the previous month of December 2022, the average retail price increased by 24.70% from N206.19.
According to the report, Imo state paid the highest average retail price for petrol at N332.14, followed by Rivers and Akwa Ibom at N327.14 and N319.00, respectively.
In contrast, Sokoto state paid the lowest average retail prices for petrol, at N191.43, followed by Plateau at 192.14 and Borno at 193.91.
In terms of regional analysis, the South-East recorded the highest average retail price of petrol in January 2023 at N307.85, while the North-Central recorded the lowest at N217.15. The report attributes the drastic increase in fuel prices to various factors, including the high cost of crude oil, currency devaluation, and the deregulation of the downstream sector of the oil and gas industry.
The NBS also released its Automotive Gas Oil (diesel) Price Watch Report for January 2023, indicating that the average retail price paid for diesel by consumers was N828.82 per litre, News About Nigeria reports.
The report shows that the January 2023 price represented a 187.69% increase from the N288.09 per litre recorded in January 2022. On a month-on-month basis, the price of diesel increased by 1.34% from N817.86 per litre reported in December 2022.
The report further revealed that the highest average price of diesel in January 2023 was recorded in Bauchi at N900.00, followed by Benue at N885.71 and Adamawa at N866.67. Conversely, the lowest price was recorded in Bayelsa at N768.75, followed by Edo at N788.00 and Akwa Ibom at N788.75. The South-West had the highest price at N845.59, while the South-South recorded the lowest price at N800.49.
In conclusion, the drastic increase in fuel prices in Nigeria in January 2023 would have a significant impact on the cost of living, transportation, and the economy as a whole. The Nigerian government needs to urgently address the issue to alleviate the suffering of its citizens and ensure the country’s economic stability.