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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of October 2023 was N630.63, indicating a 222.92% increase when compared to the value recorded in October 2022 (N195.29). Likewise, comparing the average price value with the previous month (.i.e. September 2023), the average retail price increased by 0.71% from N626.21.
On State profile analysis, Zamfara State had the highest average retail price for Premium Motor Spirit (Petrol), at N659.38, Gombe and Borno States were next, with N658.33 and N657.27, respectively. On the other side, Lagos, Oyo and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N590.95, N592.19 and N599.38 respectively.
Lastly, on Zonal profile, the North-East Zone had the highest average retail price of N644.16, while the South West Zone had the lowest price of N616.81.

Data source: National Bureau of Statistics