“Kebbi N691/Litre”: Petrol Prices Increase Again Ahead of Christmas, 3 States Residents Pay More

“Kebbi N691/Litre”: Petrol Prices Increase Again Ahead of Christmas, 3 States Residents Pay More

  • Nigeria has once again witnessed an increase in the retail price of petrol across the country for November 2023
  • The prices captured in the latest NBS price report show a year-on-year increase of over 200%
  • The Nigerian states with the highest prices are led by northern states, which include Kebbi, Jigawa, and Adamawa

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The National Bureau of Statistics (NBS) has revealed that the average price of Premium Motor Spirit (Petrol), also known as petrol, increased to N648.93 per litre in Nigeria in November 2023.

This represents a whopping 220.49% increase in the product compared to the average value price of N202.48 paid in November 2022.

NNPC petrol prices
Fuel prices across states increase by over 200% in one year Photo credit: NNPC
Source: Facebook

NBS disclosed this in its latest petrol price watch report released on Thursday, December 21, 2023.

Read also

Naira gains Over N200 against the dollar in 5 Days as expert predicts full recovery in 2024

Breakdown of petrol prices in Nigeria

The report also showed that on a month-to-month change, the average retail price increased by 2.90% from N630.63 in October 2023.

The sharp changes reflect the petrol subsidy removal enjoyed by Nigerians over the years.

Nigerian states with the highest, lowest petrol prices

On a state-by-state analysis of petrol prices, NBS data showed that Kebbi State residents paid the highest average retail price of petrol at N691.00 per litre.

This is followed by Jigawa and Akwa Ibom States with N677.67 and N675.00 petrol prices per litre in November 2023.

Conversely, Taraba, Kaduna and Lagos States had the lowest average retail prices for Petrol at N618.00, N620.29 and N623.12, respectively.

On the 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.

Read also

Naira rises against the dollar in all markets as FG introduces new charges in dollar accounts

North West, North Central, South West, and South East residents paid N659.17, N647.43, N636.47 and N653.07, respectively.

"NNPC Depots Are Dry": Marketers speak on a slight increase in petrol price adjustments

Earlier, Legit.ng reported IPMAN revealed that oil marketers could not lift products from the Nigerian National Petroleum Limited (NNPC), leading to scarcity in parts of the country.

The association said that despite NNPC not increasing its prices, marketers no longer have access to the oil company's portal as it has stopped letting them load via the portal.

Speaking in Abuja, IPMAN's national spokesperson, Chinedu Ukadike, said private depots with products are already exploiting the situation and increasing their prices due to their inability to get products.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.