The average retail price paid by consumers for Premium Motor Spirit (Petrol) in March 2023 was N264.29, indicating an increase of 42.63% relative to the value recorded in March 2022 (N185.30). Likewise, comparing the average price value with the previous month (i.e. February 2023), the average retail price increased by 0.20% from N263.76.
On state profile analysis, Imo state had the highest average retail price for Premium Motor Spirit (Petrol) with N332.67, followed by Taraba with N330.00 and Borno with N324.55. On the other hand, Benue recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N195.00, followed by Plateau with N196.79 and Nasarawa with N197.50. In addition, analysis by zone showed that the South-East recorded the highest average retail price in March 2023 with N306.00, while the North-Central had the lowest with N205.10.
Data source: National Bureau of Statistics