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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of September 2023 was N626.21, indicating a 226.75% increase when compared to the value recorded in September 2022 (N191.65). Likewise, comparing the average price value with the previous month (.i.e. August 2023), the average retail price decreased by 0.08% from N626.70.
On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N665.56, Borno and Benue States were next, with N657.37 and N641.29, respectively.
On the other side, Rivers, Delta and Jigawa States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N605.88 and N617.42 respectively. Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N638.33, while the South-South Zone had the lowest price of N618.47.

Data source: National Bureau of Statistics