Fuel Price Increases By 215.95% In One Year – NBS
By Tunde Edun
The National Bureau of Statistics (NBS) has revealed that there was a 215.95% increase in fuel prices between July 2022 and July 2023.
This was contained in the NBS Premium Motor Spirit (PMS) Price Watch Report for July 2023 which was seen by New Telegraph on Monday.
The report stated that Nigerians paid N190.01 per litre for fuel in July 2022, while they paid an average of N600.35 per litre in July 2023.
It added that comparing prices from June 2023 and July 2023, the average retail price increased by 9.99% from N545.83.
A part of the report stated: “On state profile analysis, Borno State had the highest average retail price for Premium Motor Spirit (Petrol), at N657.27, Abia and Gombe States were next, with N643.13 and N642.22, respectively.
On the other side, Edo, Kwara and Benue States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N530.00, N535.44 and N537.00, respectively.
“On Zonal profile, the North-East Zone had the highest average retail price of N630.13, while the North Central Zone had the lowest price of N551.58.”
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