The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52% increase relative to the value recorded in January 2022 (N166.40). Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70% from N206.19. On state profile analysis, Imo state had the highest average retail price for Premium Motor Spirit (Petrol), with N332.14, followed by Rivers with N327.14 and Akwa Ibom with N319.00. On the other hand, Sokoto recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N191.43, followed by Plateau with N192.14 and Borno with N193.91. In addition, analysis by zone showed that the South-East recorded the highest average retail price in January 2023 with N307.85, while the North-Central had the lowest with N217.15.
Data source: National Bureau of Statistics