National Bureau of Statistics (NBS) has released its Petrol Price Watch report for March 2023, indicating that the average retail price of petrol per litre has risen to N264.29 from N185.30 in March 2022. This represents a 42.63% increase in petrol prices year-on-year. On a month-on-month basis, the average price increased by 0.20% from N263.76 in February 2023.
Imo state had the highest average retail price of petrol per litre at N332.67, followed by Taraba at N330.00 and Borno at N324.55. Benue had the lowest average retail price of N195.00, followed by Plateau at N196.79 and Nasarawa at N197.50.
The NBS also released its Diesel Price Watch report for March 2023, showing that the average retail price of diesel increased by 55.90% year-on-year. The price rose from N539.32 per litre recorded in March 2022 to N836.81 per litre in March 2023. On a month-on-month basis, the average price increased by 0.47% from N836.91 per litre recorded in February 2023.
Bauchi had the highest average diesel price at N910.46 per litre, followed by Abuja at N889.44 and Adamawa at N880.33 per litre. Bayelsa had the lowest average price at N768.04 per litre, followed by Katsina at N779.78 per litre and Edo at N797.14 per litre.
The analysis by zone revealed that the South-East had the highest petrol price at N306.00 per litre, while the North-Central recorded the lowest at N205.10 per litre.
The North East had the highest diesel price at N856.42 per litre, while the South-South had the lowest at N816.92 per litre. The report indicates that the prices of petrol and diesel continue to rise, putting pressure on Nigerians, particularly those with low incomes.