Fuel price increases by 215.95% in one year – NBS

Data from the National Bureau of Statistics (NBS) has revealed a 215.95% increase in fuel prices between July 2022 and July 2023.

This was stated in the NBS Premium Motor Spirit Price Watch Report for July 2023.  

According to the report, Nigerians paid N190.01 per litre for fuel in July 2022, meanwhile, they paid an average of N600.35 per litre in July 2023.

The report further stated that comparing prices from June 2023 and July 2023, showed that the average retail price increased by 9.99% from N545.83. 

A part of the report stated: 

• “On state profile analysis, Borno State had the highest average retail price for Premium Motor Spirit (Petrol), at N657.27, Abia and Gombe States were next, with N643.13 and N642.22, respectively. On the other side, Edo, Kwara and Benue States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N530.00, N535.44 and N537.00, respectively.
• “On Zonal profile, the North-East Zone had the highest average retail price of N630.13, while the North Central Zone had the lowest price of N551.58.”

It is important to note that fuel pump prices are not uniform across the country. Considering this fact, there were price ranges across states between July 2022 and July 2023.  

In July 2022, Nigerians bought fuel between the average price ranges of N165 to N185 per litre.

By October 2022, Nigerians were paying between N148 to N178 per litre.

Meanwhile, in December 2022, people paid between N148 and N206 per litre for fuel. By January 2023, the prices ranged between N165 to N185 per litre. 

Fuel prices have since increased from the average of N185 per litre since President Bola Ahmed Tinubu assumed office in May 2023 and removed fuel subsidies which have seen Nigerians purchasing fuel at cheap rates.    

The first increase occurred immediately after subsidy removal in May 2023 when the Nigerian National Petroleum Company Limited said that market forces have started to determine prices.

Meanwhile, when global crude prices started to rise in recent times, the fuel pump price increased further, creating an additional burden on Nigerians who are struggling with rising food and transportation costs.   

Regular citizens are being urged to make sacrifices and support the government to revive the economy, however, some Nigerians have expressed disapproval over some decisions made by the political elite which will further increase government spending while the masses wallow in poverty and heavy financial burdens as a result of the fuel subsidy removal.