Federal finance and statistics / National Bureau of Statistics

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

Executive Summary The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52% increase relative to the value recorded in January 2022 (N166.40). Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price increased by 24.70% from N206.19. On state profile analysis, Imo state had the highest average retail price for Premium Motor Spirit (Petrol), with N332.14, followed by Rivers with N327.14 and Akwa Ibom with N319.00. On the other hand, Sokoto recorded the lowest average r…