- Petrol price is one subject of interest among Nigerians amid the rising cost of living across the country
- Within the first four months of Tinubu's presidency, the average price of fuel has increased by 163%
- Data has revealed states where residents have suffered the most from the impact of fuel price hike
Since the announcement, the average cost of Premium Motor Spirit (Petrol) has consistently increased and is now at a record high.
According to the latest price watch report from the National Bureau of Statistics in August 2023, the average retail price paid by consumers for petrol in Nigeria was N626.70.
This indicates a 230.78% increase compared to the N189.46 average price recorded in August 2022.
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Likewise, comparing the August 2023 average price value with the N600.35 consumers paid in July 2023 represents an increase of 4.39%, Punch reports.
Petrol prices in August 2023 trend
NBS further revealed that for August 2023, Taraba State had the highest average retail price of petrol at N680.00.
Borno and Benue States were next, with N657.27 and N649.14, respectively.
Meanwhile, Adamawa, Rivers and Delta States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N594.81, N596.80 and N604.63, respectively.
Lastly, on the Zonal profile, the North-East Zone had the highest average retail price of N636.93, while the South-South Zone had the lowest price of N616.95.
Fuel price changes under Tinubu
Further analysis by Legit.ng shows that petrol price changes have been the worst hit since Tinubu assumed office.
As of May 2023, when the declaration of fuel subsidy removal was made, NBS data shows an average petrol price in the country of N238.11 per litre.
This means that with the August average price of N626.70, the cost of petrol has risen by 163% in the last four months.
Here are the states with the worst percentage increase in fuel price from May to August
|States||May 2023 price(N)||August 2023 price(N)||% change|
Nationwide protest: NLC exposes FG over claim of saving N1trn on subsidy removal
The Nigeria Labour Congress (NLC) earlier refuted Tinubu's claim that over N1 trillion had been saved since his government stopped paying for the fuel subsidy.
But comrade Joe Ajaero, the NLC president, claimed the federal government's committee that negotiated with the unions revealed no money was saved since the subsidy was removed.