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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of August 2023 was N626.70, indicating a 230.78% increase when compared to the value recorded in August 2022 (N189.46). Likewise, comparing the average price value with the previous month (.i.e. July 2023), the average retail price increased by 4.39% from N600.35.
On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N680.00, Borno and Benue States were next, with N657.27 and N649.14, respectively. On the other side, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively. Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South South Zone had the lowest price of N616.95. 

Data source: National Bureau of Statistics