Nigerians now pay N626.21 per litre for premium motor spirit, PMS, otherwise known as petrol, after paying between N170 to N195 for the product in 2022.
This is according to the Petrol Price Watch for September 2023 by the National Bureau of Statistics, NBS, released last Saturday.
The report states that the average retail price of a litre of petrol jumped from N191.65 in September 2022 to N626.21 in September 2023 – a 226.75 per cent increase.
“Comparing the average price value with the previous month of August 2023, the average retail price increased by 0.08 per cent from N626.70,” NBS added.
A state-by-state analysis indicates that Taraba State has the highest average retail price for the product at N665.56 per litre. Borno and Benue States follow closely at N657.37 and N641.29, respectively.
In contrast, Rivers, Delta, and Jigawa States reported the lowest average retail prices at N602.55, N605.88 and N617.42, per litre respectively.
Regionally, the Northeast recorded the highest average retail price at N638.33, while the South-South recorded the lowest at N618.47 per litre.
The price of gasoline has witnessed an upsurge since President Bola Tinubu scrapped the costly petrol subsidy on May 29.
The subsidy had kept gas prices cheap for decades but became increasingly costly – the government spent N7.6 trillion last year – leading to wider budget deficits and multiplying government debt.
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