The average retail price paid by consumers for Premium Motor Spirit (Petrol) in June 2023 was N545.83, indicating an increase of 210.31% relative to the value recorded in June 2022 (N175.89). Likewise, comparing the average price value with the previous month (i.e. May 2023), the average retail price increased by 129.23% from N238.11. On state profile analysis, Taraba state had the highest average retail price for Premium Motor Spirit (Petrol) with N562.86, followed by Yobe with N562.31 and Kano with N561.82. On the other hand, Anambra recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N534.44, followed by Ebonyi with N535.00 and Oyo with N537.43. In addition, analysis by zone showed that the North-East recorded the highest average retail price in June 2023 with N557.03, while the South-West had the lowest with N539.36.
Data source: National Bureau of Statistics