Premium Motor Spirit (Petrol) Price Watch (February 2023)

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) in February 2023 was N263.76, indicating a 54.76% increase when compared to the value recorded in February 2022 (N170.42). Likewise, comparing the average price with the previous month (.i.e. January 2023), the average retail price increased by 2.58% from N257.12.
On state profile analysis, Jigawa state had the highest average retail price for Premium Motor Spirit (Petrol) with N329.17, followed by Rivers and Ebonyi with N323.33 and N317.14, respectively. On the other hand, Niger State had the lowest average retail price with N198.50, followed by Plateau with N198.71 and Abuja with N200.00. In addition, analysis by zone showed that the South-East had the highest average retail price in February 2023 with N306.86, while the North-Central had the lowest with N215.01. 

Data source: National Bureau of Statistics