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Nigeria Records 54% Petrol Price Increases In February – NBS

By Adaobi Rhema Oguejiofor

The National Bureau of Statistics (NBS) has said that the average retail price of petrol per litre has increased in Nigeria from N170.42 in February 2022 to N263.76 in February 2023.

This was revealed in its Petrol Price Watch Report for February 2023 released in Abuja on Tuesday.

The report stated that the February 2023 average price of N263.76 represented a 54.76 percent increase over the price of N170.42 that was recorded in February 2022.

Also, according to the report, in February, the average retail price increased by 24.58 percent when compared with the previous month of January 2023 which was at N257.12.

Based on states profiles analysis, Jigawa was reported to have paid the highest average retail price of N329.17 per litre, followed by Rivers and Ebonyi at N323.33 and N317.14, respectively.

Niger paid the lowest average retail prices of N198.50 per litre, followed by Plateau and Abuja at N198.71 and N200 respectively.

From the analysis by zones, the report showed that the Southeastern geopolitical zone recorded the highest average retail price in February 2023 at N306.86 per litre, while the North Central geopolitical zone recorded the lowest retail price at N215.01 per litre.

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