Nigeria: Diesel Price Up 168% to N836.91 As Petrol Rises 54%

21 March 2023
Vanguard (Lagos)
By Ediri Ejoh

At the backdrop of the lingering scarcity of petroleum products, the retail price of diesel rose sharply Year-on-Year, YoY, by 168.26 per cent to N836.91 per liter in February 2023 from N311.98 per litre.

The National Bureau of Statistics (NBS)'s Premium Motor Spirit (Petrol) Price Watch for February 2023, also showed that average retail price of Premium Motor Spirit, otherwise known as petrol, rose by 54.76 per cent YoY to N263.76 per litre in February 2023, about 29.9 percent higher than the N185 per litre approved by the Federal Government.

On the petrol price differentials across the country the report stated: "For petrol on state profile analysis, Jigawa State had the highest average retail price at N329.17 per litre, followed by Rivers and Ebonyi states with N323.33 and N317.14 respectively.

On the other hand, Niger State, Plateau State and FCT Abuja had the lowest average retail prices for petrol at N198.50, N198.71 and N200.00, respectively.

"Lastly, on the zonal profile, the South-East zone had the highest average retail price of N306.86, while the North-Central zone had the lowest price of N215.01".

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