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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of July 2023 was N600.35, indicating a 215.95% increase when compared to the value recorded in July 2022 (N190.01). Likewise, comparing the average price value with the previous month (.i.e. June 2023), the average retail price increased by 9.99% from N545.83.
On State profile analysis, Borno State had the highest average retail price for Premium Motor Spirit (Petrol), at N657.27, Abia and Gombe States were next, with N643.13 and N642.22, respectively. On the other side, Edo, Kwara and Benue States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N530.00, N535.44 and N537.00, respectively. Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N630.13, while the North Central Zone had the lowest price of N551.58. 

Data source: National Bureau of Statistics