October Sees Surge: Petrol Price Hits N630.63, Reports NBS

Infostride News reported that the National Bureau of Statistics (NBS) released its Petrol Price Watch for October 2023, revealing a significant surge in the average retail price of a liter of petrol. According to the report, the average price skyrocketed from N195.29 in October 2022 to a staggering N630.63 in October 2023. This alarming increase of 222.92% raised concerns and drew attention to the economic implications of such a surge.

The NBS, in its detailed analysis, highlighted that the average retail price experienced a 0.71% increase from N626.21 in September 2023. The state-wise breakdown indicated that Zamfara had the highest average retail price at N659.38 per liter, closely followed by Gombe and Borno at N658.33 and N657.27, respectively. In contrast, Lagos, Oyo, and Delta paid the lowest average retail price at N590.95, N592.19, and N599.38, respectively.

Further dissecting the data, the NBS presented a regional analysis, revealing that the North-East Zone had the highest average retail price in October 2023 at N644.16 per liter. In contrast, the South-West recorded the lowest price at N616.81 per liter. This information sheds light on the regional disparities in fuel prices, posing challenges for residents in areas with higher average prices.

Switching gears to diesel prices, the NBS also released its Diesel Price Watch Report for October 2023. The report disclosed that the average retail price of diesel stood at N1004.98 per liter. This represented a substantial 25.45% increase from the N801.09 per liter recorded in October 2022. On a month-on-month basis, the price saw a 12.82% increase from the N890.80 per liter recorded in September 2023.

Delving into the state profile analysis for diesel prices, the report identified Plateau as having the highest average price at N1150.00 per liter, followed by Nasarawa at N1138.00 and Benue at N1091.67. On the flip side, Rivers State had the lowest diesel price at N824.44 per liter, with Borno at N827.27 and Kebbi State at N845.00 per liter following suit.

The regional breakdown of diesel prices indicated that the North-Central region had the highest average price at N1090.69 per liter, while the North-East recorded the lowest price at N947.32 per liter. This information provides valuable insights into the variations in diesel prices across different regions, raising questions about the factors influencing these disparities.

The surge in fuel and diesel prices, as reported by Infostride News, raises several concerns about the economic impact on consumers and businesses. The substantial increases observed in both petrol and diesel prices within a year may lead to inflationary pressures, affecting the cost of transportation and goods and services.

Consumers in states with higher average prices, such as Zamfara and Gombe, may face increased financial burdens, impacting their disposable income and overall standard of living. On the other hand, states like Lagos and Oyo, with comparatively lower average prices, may experience a somewhat alleviated economic strain.

Businesses heavily reliant on fuel and diesel for operations, such as transportation and manufacturing, could witness a spike in production costs. This, in turn, may lead to an uptick in the prices of goods and services, potentially contributing to inflationary trends in the broader economy.

The regional disparities in fuel and diesel prices underscore the need for a comprehensive analysis of the factors influencing pricing mechanisms in different parts of the country. Policy interventions may be necessary to address these discrepancies and ensure a more equitable distribution of the economic burden associated with rising fuel costs.

As Infostride News continues to monitor and report on economic developments, the information provided by the NBS serves as a critical tool for policymakers, businesses, and the general public to navigate the evolving economic landscape. The challenges posed by the surge in fuel and diesel prices highlight the importance of proactive measures to mitigate the impact on consumers and promote sustainable economic growth.