Average Price Of Fuel Rose By 163.65 Per Cent In 1 Year – NBS

The National Bureau of Statistics (NBS) has revealed that the average pump price of fuel rose by 153.65 per cent in March, selling for ₦696.79 against the ₦264.29 it sold in March 2023.

In the report seen by Naija News on Friday, NBS detailed that the pump price of fuel rose by 2.56 per cent from  ₦679.36 in February to ₦696.79 in March.

The report further detailed that fuel price was most expensive in Yobe and was cheapest in Lagos, Oyo and Ogun state.

The report tead, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of March 2024 was ₦696.79, indicating a 163.65% increase when compared to the value recorded in March 2023 ( ₦264.29). Likewise, comparing the average price value with the previous month (.i.e. February 2024), the average retail price increased by 2.56% from ₦679.36. On State profile analysis, Taraba State had the highest average retail price for Premium

“Motor Spirit (Petrol), at ₦761.92, Yobe and Adamawa States were next, with ₦749.09 and ₦735.00, respectively. On the other side, Lagos, Oyo and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at ₦630.75, ₦645.88 and N651.25 respectively. Lastly, on Zonal profile, the North East Zone had the highest average retail price of ₦732.37, while the South West Zone had the lowest price of ₦654.24.”

The latest NBS report comes as the pump price of fuel continues to nosedive amid the rise in the value of naira and other effort by the president Bola Tinubu led government to restore the contry’s plumetting economy in the aftermath of the removal of fuel subsidy.

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