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The National Bureau of Statistics Unveils Disturbing Trends in Automotive Gas Oil and Premium Motor Spirit Prices
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The National Bureau of Statistics (NBS) recently released eye-opening data in its documents titled “Automotive Gas Oil (Diesel) Price Watch (November 2023)” and “Premium Motor Spirit (Petrol) Price Watch (November 2023)” revealing startling increases in fuel prices over the past year.
Diesel Prices Soar by 30.50% in 12 Months
According to the NBS report, the average price of Automotive Gas Oil (AGO), commonly known as diesel, experienced a significant surge, rising by 30.50% over the course of 12 months. From a lower cost of N808.87 per liter in the corresponding month of the previous year, the price skyrocketed to N1055.57 per liter in November 2023. The report indicated a monthly increase of 5.03%, from N1004.98 in October to the aforementioned average in November 2023.
The document highlighted regional variations, with Benue State (N1280), Kaduna State (N1183.45), and Sokoto State (N1183.33) experiencing the highest average prices for diesel in November 2023. In contrast, Rivers (N875), Abia (N900.77), and Bayelsa State (N920) recorded the lowest prices. The Northcentral Zone had the highest average price at N1123.75, while the Southeast Zone boasted the lowest at N959.69 compared to other zones.
Petrol Prices Skyrocket by 220.49% in a Year
The NBS also unveiled shocking revelations in its “Premium Motor Spirit (Petrol) Price Watch (November 2023)” document. The average retail price for petrol surged to N648.93, marking a staggering 220.49% increase from November 2022(N202.48). Comparing the average price with the previous month (October 2023), there was a 2.90% increase from N630.63.
In the state profile analysis, Kebbi State led with the highest average retail price for Premium Motor Spirit at N691.00, followed by Jigawa and Akwa Ibom States at N677.67 and N675.00, respectively. Conversely, Taraba, Kaduna, and Lagos States reported the lowest average retail prices at N618.00, N620.29, and N623.12. The South-South Zone had the highest average retail price of N663.59, while the North East Zone recorded the lowest at N632.75.
December 2023 Continues the Upward Trend
In the most recent report titled “Premium Motor Spirit (Petrol) Price Watch (December 2023),” the NBS disclosed that the average retail price for petrol surged to N671.86, indicating a 225.85% increase from December 2022 (N206.19). Compared to the previous month (November 2023), there was a 3.53% increase from N648.93.
Ogun State led the state profile with the highest average retail price for petrol at N776.54, trailed by Taraba and Adamawa States at N760.00 and N745.71. On the other side, Kano, Lagos, and Borno States reported the lowest average retail prices at N602.78, N612.72, and N622.71. The North East Zone maintained the highest average retail price of N699.82, while the North Central Zone retained the lowest at N657.69. The NBS reports indicate a concerning trend in escalating fuel prices, posing challenges for consumers and businesses alike. As the nation grapples with these economic shifts, stakeholders and policymakers face the pressing task of finding sustainable solutions to alleviate the impact on the populace.
Alarming Increase in Diesel and Petrol Costs
