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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of November 2023 was N648.93, indicating a 220.49% increase when compared to the value recorded in November 2022 (N202.48). Likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90% from N630.63. On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.
On the other side, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively. Lastly, on Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75. 

Data source: National Bureau of Statistics