Several states in Nigeria are facing arbitrary increases in the pump price of petrol beyond the official post-subsidy prices, according to a report from the National Bureau of Statistics (NBS) for July 2023. The report shows that Borno state had the highest petrol price at N657.27 per litre, surpassing the post-subsidy adjusted official price of N600.35 per litre by 9.5%. Abia and Gombe states followed closely with prices that overshot the adjusted prices by 7.13% and 6.9% respectively.
The NBS report also noted that the average price of Premium Motor Spirit (PMS), commonly known as petrol, has increased year-on-year by 215.95% to N600.35 in July 2023 from N190.01 recorded in the corresponding period of 2022. Additionally, the average retail price of Automotive Gas Oil (diesel) increased by 2.60% year-on-year to N794.48 per litre in July 2023 from N774.38 per litre in July 2022.
On a month-on-month basis, the retail price of a litre of petrol increased by 9.99% to N600.35 in July 2023 from N545.83 in June 2023. However, the price of diesel decreased on a month-on-month basis by 2.62% to N794.48 in July 2023 from N815.83 in June 2023.
The zonal representation of average PMS prices showed that the North-East zone had the highest price of N630.13, while the North-Central zone had the lowest price of N551.58. The North-Central zone also had the highest average price of diesel at N863.10, while the South-West zone had the lowest price of N759.45 when compared with other zones.
It’s worth noting that these fluctuations in fuel prices can have a significant impact on the cost of living and overall economic conditions in Nigeria.