The average retail price paid by consumers for Premium Motor Spirit (Petrol) for October 2022 was N195.29, indicating a 17.93% increase when compared to the value recorded in October 2021 (N165.60). Likewise, comparing the average price value with the previous month (.i.e. September 2022), the average retail price increased by 1.90% from N191.65. On State profile analysis, Kebbi state had the highest average retail price for Premium Motor Spirit (Petrol) with N211.00, followed by Kano with N210.14 and Gombe with N210.00.
On the other hand, Sokoto had the lowest average retail price for Premium Motor Spirit (Petrol) with N185.00, followed by Taraba with N185.42 and Abia with N186.56. In addition, analysis by zone showed that the North-West recorded the highest average retail price in October 2022 with N198.28, while the South-West had the lowest with N192.42.
Data source: National Bureau of Statistics