The National Bureau of Statistics (NBS) has reported a significant surge in the price of fuel in Nigeria, reaching N630 per litre in October 2023. According to the NBS Petrol Price Watch for October, there was a staggering 222.92% increase in the price of gasoline from October 2022 to October 2023.
The average cost per litre rose from N195.29 in October 2022 to N630.63 in October 2023, marking a substantial jump. The NBS also noted a 0.71% increase in the average retail price of gasoline in October compared to September 2023.
Examining the regional disparities, Zamfara State reported the highest average retail price at N659.38 per litre, followed by Gombe and Borno at N658.33 and N657.27 per litre, respectively. In contrast, Lagos, Oyo, and Delta recorded the lowest average retail prices at N590.95, N592.19, and N599.38 per litre, respectively.
When considering zones, the North-East Zone had the highest average retail price at N644.16 per litre in October 2023, while the South-West Zone reported the lowest price at N616.81 per litre.
In addition to the fuel price increase, the NBS also published its Diesel Price Watch Report for October 2023, revealing an average retail price of diesel at N1004.98 per litre. This marked a 12.82% increase from the N890.80 per litre recorded in September 2023.
It’s noteworthy that the fuel price surge followed President Bola Tinubu’s decision to eliminate the fuel subsidy immediately upon taking office as Nigeria’s president. This move led to a substantial rise in the pump price of fuel from N189 per litre to over N600, the current selling price.