“Kebbi N691/Litre”: Petrol Prices Increase Again Ahead of Christmas, 3 States Residents Pay More

• Nigeria has once again witnessed an increase in the retail price of petrol across the country for November 2023
• The prices captured in the latest NBS price report show a year-on-year increase of over 200%
• The Nigerian states with the highest prices are led by northern states, which include Kebbi, Jigawa, and Adamawa

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The National Bureau of Statistics (NBS) has revealed that the average price of Premium Motor Spirit (Petrol), also known as petrol, increased to N648.93 per litre in Nigeria in November 2023.

This represents a whopping 220.49% increase in the product compared to the average value price of N202.48 paid in November 2022.

NBS disclosed this in its latest petrol price watch report released on Thursday, December 21, 2023.

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Breakdown of petrol prices in Nigeria

The report also showed that on a month-to-month change, the average retail price increased by 2.90% from N630.63 in October 2023.

The sharp changes reflect the petrol subsidy removal enjoyed by Nigerians over the years.

Nigerian states with the highest, lowest petrol prices

On a state-by-state analysis of petrol prices, NBS data showed that Kebbi State residents paid the highest average retail price of petrol at N691.00 per litre.

This is followed by Jigawa and Akwa Ibom States with N677.67 and N675.00 petrol prices per litre in November 2023.

Conversely, Taraba, Kaduna and Lagos States had the lowest average retail prices for Petrol at N618.00, N620.29 and N623.12, respectively.

On the Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75.

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North West, North Central, South West, and South East residents paid N659.17, N647.43, N636.47 and N653.07, respectively.

"NNPC Depots Are Dry": Marketers speak on a slight increase in petrol price adjustments

Earlier, Legit.ng reported IPMAN revealed that oil marketers could not lift products from the Nigerian National Petroleum Limited (NNPC), leading to scarcity in parts of the country.

The association said that despite NNPC not increasing its prices, marketers no longer have access to the oil company's portal as it has stopped letting them load via the portal.

Speaking in Abuja, IPMAN's national spokesperson, Chinedu Ukadike, said private depots with products are already exploiting the situation and increasing their prices due to their inability to get products.

Source: Legit.ng