Federal finance and statistics / National Bureau of Statistics

Premium Motor Spirit (Petrol) Price Watch (August 2023)

Executive Summary The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of August 2023 was N626.70, indicating a 230.78% increase when compared to the value recorded in August 2022 (N189.46). Likewise, comparing the average price value with the previous month (.i.e. July 2023), the average retail price increased by 4.39% from N600.35. On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N680.00, Borno and Benue States were next, with N657.27 and N649.14, respectively. On the other side, Adamawa, …